Tuesday, February 7, 2012

Yen Slides as Data Shows Government Intervention in November; Aussie Rises

The rush to devalue one's currency continues.  Do you got the phyzz?

The yen weakened for the third time in four days against the dollar and fell against the euro as government data showed Japan carried out so-called stealth intervention to weaken the currency in November. 

“The yen has weakened modestly, reflecting the increasing risks that the Japanese authorities may intervene again to damp yen strength,” said Lee Hardman, a currency strategist in London at Bank of Tokyo-Mitsubishi UFJ Ltd. “The latest report confirmed as widely expected that the Japanese authorities carried on undertaking stealth intervention to weaken the yen in early November. 

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