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Yen jumps after Abe speaks against 'arbitrary intervention'

It hits 18-month high even as Cabinet official says Tokyo will track forex market and do the needful

Tokyo

FOREIGN-exchange markets were thrown into confusion and some alarm on Wednesday, as the yen jumped to an 18-month high against the dollar. This came after remarks by Prime Minister Shinzo Abe, who said countries ought to avoid "arbitrary intervention" and "competitive devaluation" of their currencies.

The dollar has been sliding against the yen and other major currencies since the US Federal Reserve indicated last month that it was taking a dovish view on raising interest rates, but Mr Abe's...

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