Tags: Japan | Leader | Obama | Forex | Intervention

Japan's Leader, Obama to Discuss Forex Intervention

Friday, 17 Sep 2010 07:31 AM

Japan's yen-selling intervention will likely be on the agenda when Prime Minister Naoto Kan meets U.S. President Barack Obama next week in New York, the Asahi newspaper reported on Friday.

Tokyo intervened in the currency market on Wednesday for the first time in six years to curb sharp rises in the yen after it hit a 15-year high against the dollar, threatening the outlook for Japan's fragile economy.

It continued to intervene in New York and London markets that day, and Kan is expected to seek Obama's understanding on the matter when the two meet on Sept. 23, the newspaper said, without citing sources.

Kan is scheduled to deliver a speech at a U.N. General Assembly meeting and the talks are likely to be held on the sidelines of the meeting, the paper said.

Japan has faced some international criticism for its intervention. Since most advanced economies are grappling with slow growth at home, making exports an economic imperative, Japan's move heightened concerns countries would launch a round of competitive devaluations to support their own exports.

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Headline
Japan's yen-selling intervention will likely be on the agenda when Prime Minister Naoto Kan meets U.S. President Barack Obama next week in New York, the Asahi newspaper reported on Friday. Tokyo intervened in the currency market on Wednesday for the first time in six years...
Japan,Leader,Obama,Forex,Intervention
176
2010-31-17
Friday, 17 Sep 2010 07:31 AM
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