Japan is likely to intervene soon in the foreign exchange markets to help exporters suffering crippling losses from the rapidly appreciating yen, according to Eisuke Sakakibara, a former bureaucrat still widely known as “Mr Yen”.
In an interview with the Financial Times, Mr Sakakibara, Japan’s vice-minister for finance from 1997-99, a period during which the yen was notoriously volatile, said the ministry was likely to order intervention if the currency rose much above Y85 to the dollar, something he expected within weeks.
