Saturday, March 19, 2011

Fed, Bank of Canada confirm yen sales



© AFP/File Yoshikazu Tsuno
AFP

WASHINGTON (AFP) - The US Federal Reserve and Bank of Canada confirmed Friday that they had intervened to cool the soaring yen, in concert with other G7 central banks.

The Fed said its New York branch sold yen to curb the yen's rise.

Japan and its economic allies announced Thursday they would intervene in world currency markets for the first time in a decade to calm turmoil sparked by a huge earthquake, tsunami and a deepening nuclear crisis.

The pledge came after emergency telephone talks by the Group of Seven nations in response to a surge in the yen, which threatened the Japanese economy's recovery prospects.

Dow Jones Newswires reported the US central bank had sold off 50 billion dollars worth of the Japanese currency.

Canada's central bank also confirmed Friday that it had acted on the declaration.

"(The) Bank of Canada joins concerted intervention by selling Japanese yen," it said in a statement.

© AFP -- Published at Activist Post with license




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