Yen erases early gains on Japan intervention talks

London

THE yen fell on Monday as Japan, readying to host a Group of Seven meeting, again signalled its willingness to intervene in the market, driving the currency to erase early gains made on disappointing Chinese data.

Vice-Finance Minister for International Affairs Masatsugu Asakawa told the Nikkei newspaper that G-7 and G-20 countries had discussed how to deal with disorderly currency moves, indicating it was a shared understanding that market interventions were justified if exchange rate moves were excessive.