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There is no refuge in fiat land. nada.
BTW, did your humble LW smelled a near Jpn bottom a few weeks ago?
BTW, did your humble LW smelled a near Jpn bottom a few weeks ago?
LONDON (AP) -- Japanese stocks jumped Wednesday, outperforming other world markets, after the Bank of Japan intervened in the currency markets for the first time in six years to stem the export-sapping appreciation of the yen.
The yen, which had been trading at 15-year highs against the dollar, was up a massive 2.9 percent on the day to 85.40 yen after the intervention, to the relief of the country's exporters, which were fearing getting priced out of the international marketplace. Before the intervention it had traded as low as 82.87 yen.
Intervention sent the country's big exporters broadly higher -- Toyota Motor Corp. climbed 3.8 percent and Sony Corp. jumped 4.1 percent in Tokyo trade, helping the benchmark Nikkei 225 stock average close up 217.25 points, or 2.3 percent, to 9,516.56. Before the intervention, the Nikkei had been trading lower.
Continued here.
The yen, which had been trading at 15-year highs against the dollar, was up a massive 2.9 percent on the day to 85.40 yen after the intervention, to the relief of the country's exporters, which were fearing getting priced out of the international marketplace. Before the intervention it had traded as low as 82.87 yen.
Intervention sent the country's big exporters broadly higher -- Toyota Motor Corp. climbed 3.8 percent and Sony Corp. jumped 4.1 percent in Tokyo trade, helping the benchmark Nikkei 225 stock average close up 217.25 points, or 2.3 percent, to 9,516.56. Before the intervention, the Nikkei had been trading lower.
Continued here.
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