Nomura Expects BOJ to Draw Line at 80 Yen Against U.S. Currency |
| BusinessWeek - Mar 18, 2011 |
The Bank of Japan is likely to act “forcefully” and “persistently” in preventing the yen from trading stronger than 80 against the dollar, according to Nomura Holdings Inc., Japan’s biggest brokerage.
The yen plunged today the most in more than two years against the greenback as Group of Seven nations jointly intervened in foreign-exchange markets for the first time in more than a decade by selling the currency. A stronger exchange rate threatens to hamper Japan’s recovery from its biggest earthquake on record and the related nuclear-reactor crisis by curtailing the earnings of its exporters.
“BOJ has endorsement from the G-7 to continue a much more sustained operation,” Jens Nordvig, a managing director of currency research at Nomura in New York, said today in a conference call with clients and reporters. “It’s highly likely that the BOJ is going to be there for much longer and that the 80 level is going to be defended much more forcefully and much more persistently.”
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- Posted: 2011-03-18 11:13:25
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