LONDON, 15 September 2010 ? BullionVault head of research Adrian Ash is quoted today in Smart Money magazine's morning alert online, commenting on the Bank of Japan's intervention in the global forex market.
The central bank drove the Dollar higher by ¥2, perhaps spending ¥1 trillion on the US currency, in a bid to weaken the Yen and boost exports.
But "the gains could be short lived," BullionVault's Ash tells Smart Money, citing the Bank of Japan's $800 billion dollar purchase ending in 2005, which left the Dollar/Yen barely changed.
The forex market has "been goading the Bank of Japan to act, and now it's provoked a response," Ash says. "Longer-term, though, does Tokyo really have the guts ? or the electronic ink ? for a fight?
You can read Smart Money's report here...
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