USD/JPY - 84.76.. In total stark contrast to last few days, the Japanese yen is on the defensive in Tokyo today as cross unwinding in yen has led to broad-based selling of yen vs usd n other currencies. Intra-day high so far was 84.89, offers by Japanese exporters at 84.90-00 have capped initial rise. A mixture of stops n more selling interest is reported abv 85.00. On the downside, bids remained at 84.60-40 region. Japanese officials have been conspicuous today by their lack of statement. In other news, President of Suzuki said today that he is seriously concerned by the upward trend in yen n called for swift action fm Japanese authorities.
He added, the company has lost about 500 bln yen in revenue compared with 2 years ago as a result of forex losses. He said 'I hope (the govt.) will hear our cries of desperation.'