Japanís government finally intervened in the currency markets to stem the soaring appreciation of the yen today. The yen retreated compared to the dollar, up to 85.5 yen per dollar. Shares of Japanese-based exporters rose in Tokyo, as worries faded that a surging yen would make them unable to compete.
Shares of Toyota (NYSE:TM) are trading up 1% in New York Wednesday, while shares of Sony (NYSE:SNE) are trading up over 1.3%.
A check of some related ETFs now: the Japanese Yen Trust (AMEX:FXY) is trading down 2.8%, the iShares MSCI Japan Index (AMEX:EWJ) trades down 1.3%, while the WisdomTree Japan Hedged Equity Fund (AMEX:DXJ) trades up 1.6%.
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