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. Last Updated: 07/27/2016

Tokyo Buys Dollars

TOKYO -- Japan on Wednesday betrayed its nervousness about the country's fragile economic recovery by stepping into the foreign exchange markets to rein in the rampant yen by buying dollars.

Finance Minister Kiichi Miyazawa, confirming the intervention, said he had acted because he did not want disruptive currency movements to nip the recovery in the bud.

Figures released Monday showed that although Japan fell back into recession in the second half of last year, capital spending by companies was surprisingly strong in the final three months of 1999, boding well for growth this year.

That positive outlook gave a fresh boost to the yen.