The Wall St Journal reports that the Bank of Japan's intervention to sell the yen against the dollar comes as authorities elsewhere in Asia struggle to cope with the impact of a growing global aversion to holding the U.S. currency. In recent weeks, currencies in Singapore, South Korea, Malaysia, the Philippines and Thailand have pushed to their highest levels against the dollar in more than a decade.
"You're seeing this ongoing diversification away from the dollar impacting across markets," said Daniel Hui, senior currency strategist at HSBC Global Research. Analysts note that sovereign-debt problems in Europe have made many reluctant to shift their holdings into euros.
Asian monetary authorities are no strangers to intervening in markets to keep their currencies at favorable levels for exporters. Just last week, central banks in South Korea, the Philippines and Thailand jumped into the market to sell down their currencies, according to traders familiar with the matter….
http://online.wsj.com/article/SB10001424053111903454504576487952341137210.html?mod=WSJ_business_AsiaNewsBucket
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