I cannot believe the markets are driving the US$ down and the JPN Yen up! Gee, I never thought it could happen so quickly. I guess the MoF and the BOJ have their hands tied behind their backs right now. I hope the forex markets continue driving the yen up towards parity by the end of the quarter. With any luck, we might see the yen rise to the dreaded 100 yen level before the end of the year. If the greenback drops that low that fast, I'll plan a winter getaway to Hawaii for Christmas.
Forex: Dollar Dives 1 Yen In Tokyo, Threatens To Fall Into 106 Yen Level
TOKYO (Kyodo)--The U.S. dollar dived by a full yen to a one-month low Thursday morning in Tokyo, threatening to fall into the 106 yen range as the market tested Japanese monetary authorities' resolve to halt the dollar's decline.
At noon, the dollar was quoted at 107.14-16 yen against Wednesday's 5 p.m. quotes of 108.20-30 yen in New York and 108.26-28 yen in Tokyo.
The U.S. currency moved between 107.11 yen and 108.36 yen during the morning. The morning low was the lowest in Tokyo since Feb. 20.
(Rest of the story can be found at Nikkei.co.jp - subscription required.)
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