Chile’s peso rose to a four-year high against the yen and has reached a level against its biggest trading partners that in 2008 spurred the central bank to intervene to stem the gains.
The peso rose 1 percent to 5.0891 per yen as of 1:18 p.m. in Santiago, the highest since September 2008. The peso was little changed against the dollar at 471.34. The currency as measured against a basket of the euro, yen, pound, dollar and Canadian dollar reached its strongest level since April 2008 in the first two weeks of January, according to central bank data.
The peso has appreciated to levels matching those that provoked the central bank to intervene in April 2008 and January 2011.
“Although we’re flat against the dollar, appreciation against other currencies has continued,” said Ruben Catalan, an economist at Banco de Credito & Inversiones in Santiago.
Japan bought $8.4 billion of Chile’s exports last year, the most after after China and the U.S., according to central bank data.
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