Japan’s Prime Minister, Naoto Kan, won a party leadership vote on Tuesday to secure his position as the country’s premier, defeating challenger Ichiro Ozawa and fueling further gains in the yen.
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Mired in deflation and stagnant for decades, Japan has been the economic basket case of the developed world, a cautionary example of malaise run amuck. But because it’s export-oriented, the world’s third-largest economy is gett…
The yen strengthened to a 15-year high against the U.S. dollar as investors bet against the country’s policy to limit the gains in the currency.
The yen strengthened to 83.34 per dollar, compared to 83.80 late Tuesday, The Wall Street Journal reported.
“This size gain is not enough to trigger unilateral intervention in the market,” Takayuki Asahara, a dealer at Shinkin Central Bank,…
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Yen Gains to 15-Year High Against U.S. Dollar originally appeared on DailyFinance on Wed, 08 Sep 2010 08:27:00.