Market Report - Yen at 13-year High

CHAN:
In the market today, the yen was near a 13-year high against the dollar as Japan government and corporate concerns grew.

Japan's auto industry lobby chief said the yen's current strength will have a profound negative impact, while finance ministry officials said they would take appropriate market action, seen as hinting at possible intervention.

For Panasonic and other Japanese exporters, the yen's rise adds pain to an overall slowdown in global consumer demand.

Panasonic shares edged up after Goldman Sachs agreed to its offer for Sanyo Electric, clearing the way for a $6.5 billion deal.

The weaker dollar has not provided much support for oil, which held steady near $40 a barrel, its lowest level in over four years, after OPEC's biggest ever output cut.

Top forecasters are predicting the first decline in world oil demand since 1983.

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[truthsabre7]

Japan has the 2nd largest gold reserves, just behind China.