USD/JPY - 86.08.. Dlr trades narrowly in Tokyo after initial blip to 86.19 in Australia with exporters' offers at 86.20-30 n buying interest on dips remains fm 85.90-80 with talk of Kampo's active buying contributed to intra-day rally in Europe y'day. The Nikkei reported earlier major Japanese companies are describing the yen's recent gains as excessive n warned that the strg ccy could severely erode exporters' earnings. Although they are now better equipped than in the past to handle currency swings, a sustained yen appreciation abv 85.00 could undermine export competitiveness. In other news, over 100 major Japanese companies rec'd calls near lunch time fm the govt. requesting them 'to be kind', implying they must not do things which are damaging to the Japanese economy.
Join the Discussion