Many traders are anxious to see if Japanese Finance Minister Hirohisa Fujii can follow through on his commitment to keep the Bank of Japan (BOJ) out of any interventionist policies on the recently rising Yen. In official statements, he declared that the recent surge in the island currency is a natural fluctuation of the market, yet made a remark about the one-sided nature of the rise to a smaller, more select audience.
Few can doubt the Yen's recent rise, hitting such marks as 88.22 against the USD, an 8-month high, and 129.82 versus the EUR, a price not seen since mid-July. But Japan's economy is heavily dependent on exports, which depend on a weak currency. With Japan being one of the worst-hit economies in the recent recession, a non-interventionist stance on this issue appears contrary to Japan's needs. However, if Fujii can follow through on his promise, then the Yen may hit as high as 82.00 against the USD, according to some analysts.