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G7 intervention gives go-ahead for yen carry trade

Posted on 24 March 2011

The Group of Seven intervention to drive down the yen has created conditions ideal for the Japanese yen to become the preferred funding currency, and this could boost growth-linked currencies like the Australian dollar.
In their first joint intervention since 2000, G-7 rich countries sold the yen JPY= on Friday after it spiked to record highs of 76.25 per dollar and threatened to deal a blow to the export-reliant Japanese economy that was just picking up from a lull when the earthquake and tsunami struck……………………………………….Full Article: Source


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