Japan looks to control the yen

Japanese authorities are to make $100bn available for investment by firms overseas, it was revealed yesterday. Attempting to curb the yen’s continued rise against the dollar, the ministry of finance hopes the credit facility, in place for a year, will prompt conversion of yen to foreign currencies on a mass-scale. It also announced that financial institutions will be obliged to make daily reports on currency positions held by dealers until October to strengthen the monitoring of markets, with the aim of ensuring their stability.