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IPFS News Link • Japan - Earthquake Tsunami Radiation

Japan kicks off yen intervention as G7 agrees joint action

• Reuters

The Group of Seven rich nations on Friday agreed to join in rare concerted intervention to restrain a soaring yen and calm global markets after a wild week of panicky trading as Japan scrambled to prevent a meltdown at a nuclear power plant.

The U.S. dollar surged two full yen to as far as 81.70 yen, leaving behind a record low of 76.25 hit on Thursday as the Bank of Japan kicked off the joint action. Media reported it bought more than $25 billion.