16-Sep-2010 7:26 AM

Yen weakens as Japan takes first intervention since 2004

Japan's currency slid from a 15-year high compared with the USD, and the most in 19 months, after Finance Minister Yoshihiko Noda confirmed the nation unilaterally sold yen to curb gains threatening the export-led recovery (Bloomberg, 15-Sep-2010). It is the first time the Japanese Government has intervened since 2004 and occurred the day after Japanese Prime Minister Naoto Kan gained re-election as the head of the ruling party, beating a candidate who had stated intervention was necessary.