Yen Weakens on Speculation Japan Will Intervene to Curb Currency's Gains

The yen weakened for a second day against the dollar before the Bank of Japan ends a two-day policy meeting today at which economists say it will announce more credit-easing measures.

Japan’s currency also slid versus 12 of its 16 major counterparts on speculation authorities will intervene in the foreign-exchange markets to limit any gains by the yen. The euro declined for a second day versus the greenback on concern Europe’s sovereign debt problems will take time to resolve.

“Rumors suggest the BOJ may ease monetary policy further,” said Mike Jones, a currency strategist at Bank of New Zealand Ltd. in Wellington. “Such a scenario could re-introduce downward pressure on the yen in the short term.”

Read Full Article from Bloomberg

- Posted: 2010-10-04 20:37:28

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