Yen weakens amid reports Japan may intervene in exchange market
The yen weakened against the dollar after Nikkei newspaper reported Japan's government and central bank are prepared to intervene in the foreign-exchange market this week if the nation's currency continues to strengthen, citing unidentified government officials.
The yen declined to 76.66 per dollar in early Asia-Pacific trading from 76.55 on at the end of last week in New York. The euro fell to $1.4378 from $1.4397 at the end of last week in New York. The Swiss franc declined to 78.95 centimes against the dollar from 78.51.
The yen reached a post-World War II high of 75.95 versus the dollar last week, spurring speculation the Bank of Japan will move to weaken the currency as concern global growth is faltering fuels demand for refuge. The euro had the biggest weekly increase against the dollar in a month as European officials boosted efforts to curb the region's debt crisis.
The dollar dropped against the yen on Aug. 19 amid speculation Federal Reserve Chairman Ben S. Bernanke will say this week at a Jackson Hole, Wyoming, conference that added measures may be needed to support the economy.
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