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Yen Drops Against Dollar

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TOKIO, Japan (January 19th) – The yen had its biggest decline in five weeks against the dollar in London after the Yomiuri newspaper reported Japan has sold a record amount of its own currency so far this month to stem its advance. The Bank of Japan sold more than 6 trillion yen ($56 billion) as […]

TOKIO, Japan (January 19th) – The yen had its biggest decline in five weeks against the dollar in London after the Yomiuri newspaper reported Japan has sold a record amount of its own currency so far this month to stem its advance. The Bank of Japan sold more than 6 trillion yen ($56 billion) as of Jan. 18, more than a quarter of its sales last year, the paper reported, without saying where it obtained the information. ”Japan has been putting an absolute floor on dollar-yen” said Adam Cole, a senior currency strategist in London at Credit Agricole Indosuez SA. ”We’d probably be the other side of 100 if it weren’t for them.” Against the dollar, the yen slid to 107.43 at 9:27 a.m. in London from 106.63 late Friday in New York, according to EBS. The yen has climbed 10 percent versus the dollar over the past year. The euro fell against the dollar to $1.2338 from $1.2394. U.S. markets are shut today for a national holiday. Source: Bloomberg

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