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USD/JPY Below 96.50 As Aso Says No Intervention

ByStuart McPhee
Published 06/07/2013, 03:26 AM
Updated 07/09/2023, 06:31 AM

The yen extended its biggest gain in three years after Japanese Finance Minister Taro Aso said he wouldn’t intervene to weaken the currency.

The yen headed for its largest weekly advance since October 2008. The dollar held near its lowest in more than three months versus the euro before payrolls data in the U.S. that will offer guidance on whether the Federal Reserve can pursue an early exit to monetary stimulus that tends to debase the currency. Australia’s dollar fell ahead of trade data due tomorrow from China, its biggest export market.

“Yesterday’s selloff in dollar-yen has picked back up after Aso dismissed the idea of intervention,” said Yuji Saito, the director of foreign-exchange at Credit Agricole SA in Tokyo. “It’s hard to be optimistic about payrolls after the weak ADP number,” he said, referring to job figures from the ADP Research Institute.

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