Yen Strengthens Against Dollar

The dollar was weaker against the yen in Asian trade Wednesday. The US Treasury stood Japanese interventions for weaker dollar. It explained Japanese interventions were unnecessary and aimed at stemming the rise of the unit over the past six months.

In a report to the US Congress on foreign exchange markets, the Treasury called Japan’s interventions unjustified and that Tokyo would do better to strengthen its domestic economy and competitiveness.

The dollar stood at 77.82 yen, slightly lower than 77.88 in New York late Tuesday.

The euro was almost flat at $1.3069 and 101.70 yen, compared with $1.3070 and 101.77 yen in New York.

The Treasury however, said it had looked forward interventions to stabilise the yen in the wake of the devastating March 11 earthquake-tsunami disaster.

The interventions made during the period August to November, were unjustified and the objective was to stop the climbing of yen when Europe and America were slightly weak economically, the US Treasury told.