Market News
Yen supported as officials step up verbal intervention, dollar lower - REUTERS
By Rae Wee and Ozan Ergenay
Summary
- Yen recovers from near 10-month low, down more than 1% for the week
- Takaichi's cabinet approves 21.3 trillion yen stimulus package
- Easing December Fed cut bets keeps dollar supported
LONDON, Nov 21 (Reuters) - The yen found some support on Friday as Japanese officials stepped up their verbal intervention to stem the currency's decline, while the dollar was a touch softer but on track for its first weekly rise in three weeks.
The yen popped higher after Japanese Finance Minister Satsuki Katayama said intervention was a possibility to deal with excessively volatile and speculative moves, leaving traders on alert for signs of yen buying from Tokyo.
