Dollar firms, but Japan hints again at forex intervention
AFP, December, 2004
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TOKYO (AFP) — The dollar has firmed on unexpectedly strong US data, but Japan says the yen was still too high and suggested it may intervene for the sake of its exports.
Japanese Finance Minister Sadakazu Tanigaki hinted at yen-selling to shore up the dollar a day after European Central Bank president Jean-Claude Trichet also warned that intervention was a "weapon" central banks can use.
"Recent moves in the foreign exchange market look to be too rapid and do not reflect economic fundamentals," Tanigaki told reporters.
"While continuing to monitor developments closely, we will take appropriate action in a timely fashion if necessary," he said.
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The dollar had hit a new record low against the euro on Thursday but then bounced back up in New York after stronger than expected US factory orders. It largely held onto the overnight gains in Asian trade.
The dollar rose marginally to ...
