Tokyo intervened in the currency markets for the first time in more than six years to weaken the yen, after the currency broke through Y83 against the US dollar and threatened exporter profits and business sentiment.
The intervention on Wednesday morning gave the Nikkei 225 a boost, sending the stock average 1.8 per cent higher by the close of morning trading at 9,470.31, reversing an earlier 1.1 per cent decline.
Traders had been waiting to test Naoto Kan’s resolve to stay out of the market after he won his Democratic party’s leadership challenge from party heavyweight Ichiro Ozawa on Tuesday.
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