Japan Sells Off Yen In The Market, Intimates Of Doing More

Japan has sold a lot of yen in the market, as a result of which, the strength of the yen has become low. In addition to this Japan has stated that it will be selling of more of the yen, as the currency is rising steadily without any hindrance. This is in turn is scaring away exporters because of the rise in the Japanese currency.

Japan is recently trying to come up from its economic crisis, and it is still fragile, it sees before something worse happens to the economy, selling off the yen will be a wise decision. This is the first time in six years that Japan has intervened in its foreign exchange market, as it had done in 2004, when it flushed out some 35 trillion yen from the market.

According to some of the latest reports, it seems that Japan will be selling off some 300-500 billion yen from the market. The Yen had risen very strong against most of its foreign counterparts and especially the US, as the dollar was on a 15 year low against the yen.

Source: Reuters