Yamaguchi: Shall we Intervene?
June 21, 2007
By Ken Worsley
It’s almost as though there has been a breath-holding contest going on over the past few months. With the yen continuing to trade near lows against the dollar and record lows against the euro, it was only a matter of time before someone opened up his or her mouth and publicly suggested the dirty deed:
Intervention.
Yesterday afternoon, Nobuo Yamaguchi, chairman of the Japan Chamber of Commerce and Industry, became the first to exhale, telling reporters, “The yen’s excessive weakness could lead to instability…One possible response would be yen-buying market intervention by the Ministry of Finance.”
Yamaguchi apparently believes that 115 would be an appropriate value for the yen.
That’s not what the market believes.
Filed Under Exchange Rates
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