Yen's continuing climb puts Japanese authorities in a bind

Tokyo

THE yen continued maiming the Japanese economy as it climbed against the dollar and other major currencies on Thursday, and even as a senior government official pledged that Tokyo would take the necessary steps to stem its ascent, markets are assuming a further strengthening of the currency.

After it hit an 18-month high of 108.27 in Tokyo trading, Chief Cabinet Secretary Yoshihide Suga complained that its movement in recent days had been "one sided"; implying possible official intervention, he said that the government would monitor the foreign exchange market "closely, tensely".