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Banks Try To Bring Down Yen's Value

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Banks Try To Bring Down Yen's Value

Business

Banks Try To Bring Down Yen's Value

Banks Try To Bring Down Yen's Value

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  • Transcript

Japanese and European banks have buying billions of dollars and selling billions of yen. It's a coordinated action to try to bring down the value of the yen. Japan's currency has soared since the earthquake a week ago. And that's troubling for the country's economy because a strong yen hurts the country's exporters.

LINDA WERTHEIMER, host:

NPR's business news starts with Japan's rising yen.

(Soundbite of music)

WERTHEIMER: Japanese and European banks have been buying billions of dollars and selling billions of yen. It's a coordinated action to try to bring down the value of the yen. Japan's currency has soared since the earthquake a week ago, and that's troubling for the country's economy, because a strong yen hurts the country's all import and exporters.

And many exporters are still struggling to resume operations at factories damaged by the earthquake or hit by power shortages.

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