Reigning his official Japanese yen

Increase the momentum to curb the yen continued today (15 / 9), the Government of Japan has decided to intervene in currency markets for the first time in six years, by buying dollars.
According to the Associated Press, the Minister of Finance and Yoshihiko Noda has officially confirmed this information. Mr. Noda said, this is the first time since March 2004, this country intervene in currency markets.

 
Mr. Noda said, the Government of Japan will closely monitor developments on currency markets. But he said not scale down prices for dollars to buy yen, but estimated by observers, Japan will sell 200 to 300 billion yen.

 
Analysts also forecast amount sold Yen perhaps even larger and the Government of Japan will continue to sell for yen when the exchange rate Yen / USD drawn down to 85 Yen / USD.

 
Before that, today 14 / 9, the Minister said Yoshihiko Noda, the government is closely monitoring the fluctuations on the currency market and can intervene to stop the momentum of price increases abnormal if the yen necessary.

 
Mr. Noda said, rapid price increase and lengthening of the yen could affect negatively the stability of economy and finance.

 
Some analysts have suggested that Meanwhile, Prime Minister Naoto Kan less inclined to intervene in currency markets, the yen despite abnormal price increases are causing heavy losses for Japanese exporters Copyright.

 
Mr. Kan also support consumer advocate tax increases to restore the financial health of the Japanese public debt in the context of this country are the highest in the developed economies.

 
Japanese market immediately responded positively after the information intervention currency. The yen is down 1.3% against other currencies. Against the dollar, the yen stood at 84.42 yen / USD, down 1.7% from a record low 82.88 Yen / USD in session 14 / 9.

 
From the beginning of this year, the yen has appreciated 15% against the currency basket of other developed countries. The strong increase of the yen has made Japanese government to consider issues intervene the currency market, to reduce the burden on exporters in the country.

 
However, many experts believe that unilateral moves market intervention by the Government of Japan will not have much effect, due to lack of support from the G8 member countries.