Corporate foreign exchange news

Early foreign exchange trading in Asia on Monday (September 28th) has helped to push the yen to an eight-month high against the dollar.Initial gains came after renewed confidence that the Japanese authorities will not curb the amount of foreign profits being repatriated ahead of the next earnings season.However, Bloomberg reports that the yen fell back below 90 cents after national finance minister Hirohisa Fujii said his comments suggesting the government's support for a stronger yen had been misunderstood."Although the yen pared part of its gain following the latest comments from Fujii, I don't think his remarks can turn around the latest round of the currency's rise," said Kazutoshi Yasuda, general manager of the markets department in Tokyo at FX Prime, a foreign exchange unit of Japanese trading house Itochu.Since the onset of the economic crisis, the yen has tended to move upwards amid signs of economic instability as foreign exchange traders re-hone their risk appetites on lower yield assets.