Japan PM says ready to step into forex markets again

Japanese Prime Minister signaled that Japan was ready to keep intervening to curb gains in the yen, as a deterioration in manufacturing confidence underscored the threat of a strong currency to the fragile economic recovery.

Naoto Kan said he would take decisive steps if needed to stem rises in the yen, Jiji News Agency reported, a day after Japan intervened for the first time in six years, triggering a sharp fall in the yen from 15-year highs on the dollar.

Japan unleashed a wave of yen selling on Wednesday estimated at more than 2 trillion yen ($23.3 billion). The dollar has strengthened to 85.4 yen from around 83 before the intervention, which started in Tokyo and carried through to New York trading.

Read Full Article from Reuters

- Posted: 2010-09-15 23:00:15

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