InfoAnda - Yen weak after Japan govt's 'verbal intervention'

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Yen weak after Japan govt's 'verbal intervention' AFP - 2 hours 6 minutes ago Send IM Story Print Yen weak after Japan govt's 'verbal intervention' TOKYO (AFP) - – The dollar was stronger against the yen in Asian trade Friday following a "verbal intervention" from Japanese leaders after it hit a 15-year low earlier this week, dealers said. The dollar was changing hands at 86.10 yen in Tokyo afternoon trade, up from 85.88 yen late Thursday in New York, where the greenback had earlier slumped to the mid-84 yen level. The euro fetched 1.2856 dollars, up from 1.2827, while it rose to 110.66 from 110.18. "We are still seeing the effect of the verbal intervention in the market, but I think it is limited," said Hideaki Inoue, chief forex manager at Mitsubishi UFJ Trust and Banking Corp. "When you look at the market environment in the United States and Europe, the conditions bringing the yen higher still remain, possibly making it rise to the 85-yen level (against the dollar)," he said. Japanese government leaders on Thursday voiced concerns about the strength of the yen in a "verbal intervention" aimed at taming the recent rise, which could threaten the fragile recovery of the world's second-largest economy. Prime Minister Naoto Kan said the currency's advance was too "rapid" and agreed with his right-hand man and Chief Cabinet Secretary Yoshito Sengoku to keep a close eye on the issue. The Bank of Japan was also reported to have been checking rates with dealers on Thursday, prompting speculation that Japan may intervene in currency markets for the first time since 2004. A stronger yen poses a threat to the export sector driving Japan's fragile economic rebound. For every one-yen rise in the currency's value against the dollar, companies can lose tens of billions of yen earned overseas when repatriated, threatening a sector that Japan depends on to offset its weak domestic picture. On Thursday, a surprise rise in the new US weekly jobless benefit claims added to increasing gloom over the economic outlook for the world's biggest economy. "Now investors are looking to the important US economic data later today, which are retail sales and consumer price index," Inoue said. "If the readings turn out to be disappointing, the dollar would lose ground again." The greenback was lower against Asian currencies. It fell to 1.3586 Singapore dollars from 1.3614 on Thursday, to 1,183.68 South Korean won from 1,188.90 and to 31.91 Taiwan dollars from 31.93. It also declined to 8,982.50 Indonesian rupiah from 9,005.00, to 45.21 Philippine pesos from 45.45 and to 31.89 Thai baht from 31.94. Recommend Send IM Story Print Related Articles Randstad to acquire Japan's FujiStaff for $161 mln Reuters - 25 minutes ago China Money: Local govt corporate bonds fall as risks mount Reuters - 29 minutes ago US-BUSINESS Summary Reuters - 30 minutes ago Stocks rise and euro jumps on cracking German GDP Reuters - 30 minutes ago GLOBAL MARKETS-Stocks rise, euro jumps on cracking German GDP Reuters - 35 minutes ago News Search Top Stories Germany posts record second quarter growth BP to pay 50 mln dlr fine for deadly 2005 Texas blast India threatens to ban Blackberry email, messaging Italy's Molinari shares early lead at PGA Championship Boosted by big profit, GM preps for IPO with new boss More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Visitors attack Taiwan 'haunted house' actors Global equities rocked by economic recovery fears India threatens to ban Blackberry email, messaging US court says Germany can be sued over Hitler-era bonds First use of tools pushed back a million years More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity Visitors attack Taiwan 'haunted house' actors World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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