The volume of currency intervention by Japan had exceeded 23.5 billion dollars

The volume of currency intervention, which is held on the eve of Japan in the currency markets in London and New York, more than 2 trillion yen (23.5 billion U.S. dollars). ITAR-TASS referring to the Tokyo media.

This step was carried out by Government and the Central Bank to contain the further strengthening of the yen against the dollar and other currencies. On Wednesday, the dollar fell in Tokyo to its lowest from May, 1995 level, when he gave a little more than 82 yen. It is this feature for the recognition of the authorities last week was identified in the government so the limit, when the intervention is imminent. Strengthening of the yen has created serious problems for Japanese exporters who spoke in recent months with sharp criticism of the current study.

The Government of Japan has high hopes for currency intervention begun in order to stabilize the yen, said on the eve of Prime Minister Naoto Kan. However, within business circles of Japan tend to consider this extraordinary step taken by the first time since March 2004, a few late. In addition, Japan has acted unilaterally and can not count on the support of the U.S. and EU, which at this stage is not interested in strengthening the dollar and euro.

However, unilateral measures in Japan have led to the fact that the dollar has appreciated markedly against the yen and has already reached 85.57 yen in Tokyo, almost 3 yen more than last Tuesday. According to the statement made by the Ministry of Finance of Japan currency intervention will continue. Also in Tokyo, expressed the hope that the governments of several other Asian countries also will be used for similar operations against the dollar.

The total amount taken by Japan currency intervention in the previous period from May 2003 to March of 2004, experts say, amounted to nearly 33 trillion yen.