Threat of intervention keeps yen speculators at bay

Tokyo

THE yen's appreciation was slowed by a post-Brexit standoff on Monday, as the Japanese authorities stepped up their threats of currency intervention to counter fears that speculators would dump the pound and other key currencies and build up positions in the "safe haven" yen.

The currency gained limited ground in Tokyo and European trading after prime minister Shinzo Abe summoned finance minister Taro Aso and Bank of Japan (BOJ) deputy governor Hiroshi Nakaso to an emergency meeting, at which he directed Mr Aso to adopt "aggressive responses to ensure stability in financial and currency markets".