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Thursday, 5th May 2011
In Business In Japan,

Japan to 'closely monitor' exchange rates

Japanese finance minister Yoshihiko Noda said that he would be closely monitoring the recent rise in the yen against the dollar, but suggested that the central bank may not intervene again.

Earlier today (May 5th), the US dollar fell below 80 yen for the first time since March 18th, sparking speculation of another currency markets intervention, the Associated Press reported.

However, Mr Noda said that the latest movements were different from the sharp fall experienced after the March 11th earthquake.

At an annual meeting of the Asian Development Bank, he was quoted as saying that the central bank would "closely monitor market developments".

Mr Noda put the recent yen rise down to thin trading during the Golden Week of holidays and refused to be drawn on whether he would take action in the markets.

By 14:46 London time, the US dollar was valued at 79.87 yen, according to Bloomberg.

Written by Kimberley Homer