The Japanese yen broke the 108 handle, with
the dollar/yen trading at 107.94 Monday morning, compared to Friday's close at
108.03.
Major exporters in Japan saw significant
sell-off in morning trade, with shares of Toyota dropping 3.15 percent, Nissan
down 3.25 percent and Honda off 2.98 percent. A stronger yen is a negative for
exporters because it reduces their overseas profits when converted into local
currency.
The yen's relative
strength against the greenback has led many analysts to question if, and when,
Japanese authorities might intervene in the market.
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