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Japan de-values Currency


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This just in. Will other asian nations follow?


TOKYO – Japan intervened in the currency market Wednesday for the first time in six years to weaken the yen, which had spiked to 15-year highs against the dollar, battering the country's vital exporters.


The dollar bounced up to 84.52 yen from a low of 82.87 yen earlier after Japan's central bank stepped into the market to sell yen and buy dollars shortly after 10:30 a.m. local time (0130 GMT). It was the first time since March 2004 that Japan had intervened in the currency market.


"We have conducted an intervention in order to suppress excessive fluctuations in the currency market," said Finance Minister Yoshihiko Noda.


"We will closely monitor currency developments, and take firm action including intervention," Noda said.


The yen had spiked to a fresh 15-year high after Prime Minister Naoto Kan survived a leadership challenge by winning a ruling party vote Tuesday. Currency traders had bet that Kan was unlikely to intervene.


A strong yen hurts Japanese exporters like Honda Motor Co. and Panasonic Corp. by making their products less competitive in overseas markets and eroding their foreign income when repatriated.



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I dont japan had a choice as you say their export market would of been dead without it.

Edited by Craig_ozz

Farang = Walking ATM. TG's push the right buttons and money comes out. PIN = BBBJ

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A band aid on a broken leg! I don't believe this will make any long term difference for the foreseeable future and the dollar will continue its slump to RECORD lows against the Yen.

Many analysts see a 70Y -> US$ by Christmas. I may not disbelieve them on this.

The US is printing too much $$ to make it worth anything.


On the flip side, other countries will Eventually have to do the same, and when they do, the US MAY already have its house in order (or semi in order) and then watch these currencies BOMB against the dollar.


It interesting times to be paid in Dollars... I feel like I'm from a 3rd world country!! :)

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as soon as the US prints another trillion dollars all currencys should appreciate in value against it,soo id sell dollars now


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Here we go...Looks like it's may be happening in Thailand too. Fall baht fall...


Thailand’s private sector, represented by the Federation of Thai Industries (FTI), urged the Bank of Thailand (BoT) on Friday to respond against the continuing appreciation of the baht, citing reports on its effect on the nations export industry.


337.jpgBangkok, the 11th of September 2010: Based on the results of a survey of 39 industrial groups affected by the continued appreciation of the baht, FTI chairman Phayungsak Chartsutipol urged BoT Governor Tarisa Watanagase to intervene on the situation, which risks crippling certain export-orientated industries.


Among those most heavily affected, based on the FTI report, include, clothing, textile, ceramic, processed goods and the agricultural industries. Over 40% of the worst affected industries included sawmills, wood treatment factories, air conditioning manufacturers, packaged food processing facilities and auto parts manufacturers (export).


Exports, although affected in general, are hardest hit when using locally produced raw materials, with air-conditioning exporters reportedly suffering an estimated 7% drop in sales and the auto parts exporters a staggering 10% decline in the last 12-months.




Mr. Chartsutipol, as a representative of private industries, asked the Bank of Thailand to intervene on the currency market, helping to bring the baht closer to regional counterparts in order to boost competitiveness and ease the financial burdens on exporters.


1111.jpgBoT Governor Ms Watanagase however only last week asserted that no intervention in the currency market was necessary given the bahts movement in line with the top-10 most-actively traded currencies in Asia.


Although all Asian currencies have strengthened during the last 12-months amid the U.S and global recession and European debt crisis, the bahts appreciation is second in the region at over 6%. Countries such as Vietnam and Indonesia have gained on Thailand’s export dominance as a result, with the FTI now worried that the appreciating baht will continue to hamper Thai exporters push to compete in key fields such as automotive parts, textiles and finished goods.


At the time of the Mr. Chartsutipol’s comments on Friday, the baht was trading at 30.81 to the U.S. dollar, a 13-year high.




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