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March 17, 2011    

Japanese yen hits record high

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by Kay Murchie
Japanese yen hits record high

The Japanese yen reached a post-war record high against the US dollar following last Friday’s earthquake and tsunami.

The disasters have sent global shares into freefall but the worry for the world’s third largest economy is a strong yen, which continues to weaken demand for exports.

Today, Japan’s Nikkei 225 index fell a further 1.4% over fears about the impact a strong yen will have on exporters.

The currency has been steadily rising since last week’s 8.9 magnitude quake and, as a result, G7 finance ministers will tomorrow discuss how to deal with global market volatility.

At one point in late trading yesterday, the yen rose to 76.53 against the dollar but fell back on speculation that the G7 will take action to limit the damage.

Many expect the group of seven nations to give Japan the power to intervene to stem the currency.

The speculation has led European shares to recover some losses this morning with London’s FTSE opening up 0.8% at 5,642.29 points after six days of declines. Shares in France and Germany were also up.

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