LONDON: The yen shot up against the dollar on Wednesday, reaching a two-week high, after Bank of Japan Governor Haruhiko Kuroda said the real effective exchange rate shows the Japanese currency is “very weak’’.
The dollar fell as low as 122.77 yen, its lowest since May 27, and was last down 1.4 per cent on the day at 122.97, far below its session high of 124.63 in early afternoon in Tokyo.
Kuroda, addressing a lower house financial affairs committee, declined to comment on whether the yen’s current level reflects economic fundamentals.
“The market was caught long, so the dollar quickly sold off,’’ said Kaneo Ogino, director at Global-info Co in Tokyo, a foreign exchange research firm.
