Moody's: Japan FX intervention negative for credit rating

TOKYO Mon Aug 8, 2011 12:55am EDT

TOKYO Aug 8 (Reuters) - Japan's currency intervention to weaken the yen is negative for its credit rating as the step has not been successful in preventing yen gains, Moody's Investors Service said on Monday.

Yen strength threatens to erode the competitiveness of Japan's exports and hamper its economic recovery, the ratings agency said in a statement. (Reporting by Stanley White; Editing by Joseph Radford)

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