Fri, 18 Sep 2009 00:00:00 +0200

Yen Gains after BOJ's Shirakawa Comments

The Japanese yen had gained after Japan's new finance minister said currencies were not moving rapidly and that he opposed currency intervention as long as market moves were moderate. The Yen rose to the day's high against the Dollar pushing the U.S. currency down more than 0.2% on the day to around 90.60 yen. The pair traded around 90.90 yen before the comments. The yen also got a boost after Bank of Japan (BOJ) Governor Masaaki Shirakawa said a stronger yen would push down prices in the near term but might support the economy in the longer run. The Japanese currency jumped versus the EUR, which trimmed earlier gains and slid to the day's trough of 133.54 yen, down slightly on the day.

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