Japan intervenes to tame soaring yen ahead of G20

A man is reflected on an electronic board displaying stock prices outside a brokerage in Tokyo October 31, 2011.  REUTERS/Issei Kato

By Tetsushi Kajimoto and Antoni Slodkowski

TOKYO | Mon Oct 31, 2011 7:52am EDT

(Reuters) – Japan sold the yen for the second time in less than three months after it hit another record high against the dollar Monday, saying it intervened to counter excessive speculation that was hurting the world’s No. 3 economy.

The intervention vaulted the dollar more than 4 percent higher, which would mark its biggest one-day gain in three years, and Finance Minister Jun Azumi said Tokyo would continue to step into the market until it was satisfied with the results.

Indeed, his deputy later said the intervention was not over yet, when asked to assess its effects as the dollar began slipping from the day’s high.

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Categories: Japan

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