Friday, November 27, 2009

Threat of Japanese Intervention Stops Fall of US Dollar, For Now

Market fears of a possible intervention by the Bank of Japan to support the dollar helped the U.S. currency recover its poise Friday after it hit a 14-year low against the yen.

By mid afternoon London time, the dollar was up 0.3 percent on the day at 86.82 yen. Earlier it had sunk to 84.81 yen, its lowest level since mid-1995 as currency traders sought the sanctuary of the Japanese currency amid mounting concerns about the fallout from Dubai's financial problems - a government investment fund, Dubai World, asked creditors if it can postpone payments on $60 billion in debt until May.

Read the whole story here.


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