Asia Bizz: 15 Year Dollar High For Japanese Yen
The Japanese yen hit an all time 15 year high against the American Dollar and an emergency press conference was held where the Japanese Finance Minister, Yoshihiko Noda, declined any intervention on the potential currency.
Yoshihiko Noda also went on to say at the press conference that he is on the situation and is monitoring it “extremely closely, with grave concern”
The main reason for worry is that if the yen strengthens it becomes a very stressful environment for the exporters, which may lead to some major worry.
It is also observed that the yen has shot up to a nine year old high against the Euro. The Japanese yen led to major losses for Japanese shares. Nikkei index shut at 121.55 points, this was the forst time it shut below 9,000 points since the year 2009.