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Yen surges on currency pledge
THE Yen surged to a seven month-high against the dollar yesterday, after Japan’s incoming finance minister said the government would not interfere to halt the currency’s recent ascent.
The Yen reached a high of Y90.16 against the dollar, its best reading since February, when Hirohisa Fuji said the new centre-left Democratic party opposed intervention in the currency markets.
He said it would intervene if the currency moves were excessive, but that the current swings did not concern him.