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Japan Fights Surging Yen

Launches $100 billion effort as Moody lowers credit rating, citing deficits, government debt.

By Toru Fujioka, Aki Ito, Bloomberg News | Updated on August 24, 2011

Japan unveiled a $100 billion effort to help companies cope with a surging yen, signaling that officials may be resigned to the currency remaining high.

The government will release foreign-exchange reserves to the state-run Japan Bank for International Cooperation for funding to aid exporters and spur purchases overseas, Finance Minister Yoshihiko Noda told reporters in Tokyo today. The announcement came hours after Moody’s Investors Service lowered the nation’s debt rating one step to Aa3, with a stable outlook.

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