Japan intervenes to halt yen’s rise against dollar

Japan intervenes to halt yen’s rise against dollar Japan’s Ministry of Finance intervened in the currency market for the first time since August to weaken the yen, sending the currency down as much as 5.1 per cent against the US dollar.

Jun Azumi, finance minister, confirmed that the Bank of Japan was acting on the MoF’s orders to halt the yen’s “speculative” rise, after the currency touched 75.35, a new postwar high, earlier in the day. The action had an immediate effect, sending the yen down to 79.49.

http://link.ft.com/r/KC2844/QNHQ6X/18GC39/KQ9HJF/IIR4YD/1G/h?a1=2011&a2=10&a3=30