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Yen, Franc Off on Fears of Intervention

Japn, Switzerland may act to curb gains in their currencies.

By Garth Theunissen, Candice Zachariahs, Bloomberg News | Updated on August 22, 2011

The yen weakened from near its postwar record against the dollar and the Swiss franc fell amid speculation policy makers in both countries will seek to curb gains in their currencies that are hurting exporters.

The yen dropped the most in two weeks after Japan’s Finance Minister Yoshihiko Noda said he’s ready to take decisive steps after the currency strengthened to 75.95 against the greenback on Aug. 19. Most Swiss support intervention by the Swiss National Bank to curb gains in the franc, SonntagsZeitung reported yesterday, citing a survey. The euro gained for a second day against the dollar as European stocks rallied.

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