Japan Authorities Harshly Facing Off against Currency Speculators

Economy Politics

Tokyo, Oct. 24 (Jiji Press)--Japanese monetary authorities have stepped up their offensive against yen-selling speculators in the currency market.

"We are now severely facing off against speculators through the market," Japanese Finance Minister Shunichi Suzuki told reporters Monday morning.

On Sept. 22, the authorities said they had launched the first yen-buying intervention in about 24 years.

Pushing down the dollar from the upper 145.50-yen range to around 140 yen, the action proved to be "more effective than expected," a Japanese government official said.

The Finance Ministry and the Bank of Japan then shifted their tactics to threatening covert yen-buying interventions.

[Copyright The Jiji Press, Ltd.]

Jiji Press