JPMorgan sees yen climbing as US scrutiny impedes intervention

Tokyo

JAPANESE officials concerned at the yen's surge to an 18-month high now face the headache of being on a US watch-list for currency practices. JPMorgan Chase & Co says the potential for US opposition to exchange-rate intervention will probably help strengthen the yen more.

The dollar-yen market is orderly and it's important for countries to keep their Group-of-Seven and Group-of-20 currency commitments, the US Treasury said on Friday.

The yen's 13 per cent surge this year has prompted Japan's Finance Minister Taro Aso to say that authorities would act if moves were one-sided. Recent yen gains are "extremely concerning" and the US report won't limit how Japan can respond, he said on Saturday, according to a transcript obtained by Bloomberg. Germany, China, South Korea …