LONDON (MNI) The Bank of England has been selling yen for sterling
Friday, foreign exchange traders say, as the Group of Seven
industrialized nations continue their concerted efforts to weaken the
yen.
Shortly after 0800 GMT, the Bank began its yen selling operations,
asking its counterparty banks to “advertise” the executions.
Earlier, traders noted similar action from the Banque de France, a
member of the European Central Bank’s Eurosystem of central banks.
The G7 nations released a statement earlier Friday saying they
would act to weaken the yen after the Japanese currency hit record highs
against the dollar on Thursday.
–London Bureau; Tel: +4420862 7499; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,M$$BE$,M$$CR$,M$$FX$,M$J$$$]
