The Japanese yen rose today as the traders don’t believe that the intervention by the Bank of Japan would be able to keep Japan’s currency from rising further.

Japan’s officials stressed the necessity to limit the gains of the yen, which may hurt the nation’s export-driven economy. The traders don’t think that the Japanese makers would be able to stem the currency’s appreciation without the help from the US and Europe, and such help is unlikely as the nations prefer their currencies to be weaker in order to support the recovery. The traders also look at the example of the Swiss National Bank trying to limit the franc’s appreciation, the attempt which utterly failed.

USD/JPY fell today from 85.33 to 84.77 as of 12:58 GMT after it jumped to 85.90.

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