Money daily brief: On strong yen, markets slip
Global stocks react negatively to a stronger Japanese Yen, weak US economic indicators
•Yen on the rise: The Japanese yen has climbed to an eight-month high against the dollar, putting a crimp in Japan's export industry and raising the prospect of government intervention. Japanese Finance Minister Hirohisa Fujii gave mixed signs Monday by backing off previous remarks expressing a willingness to let the yen strengthen but telling Reuters that the currency's gains were "not abnormal."
•World stocks slump: Poorer than expected US manufacturing and home sales data from Friday has hurt the global economic outlook. The US economy is “not recovering as fast as we thought … [and the strong yen] brings negative sentiment to other markets,” Jackson Wong, vice president at Tanrich Securities in Hong Kong, told the Associated Press. Asian stocks, also reacting to a strong yen, were particularly hard hit, with exchanges in Japan, Hong Kong, and China posting losses over 2 percent.