ECB puts yen under pressure

EUROPE - The European Central Bank (ECB) has intervened in the foreign exchange markets, buying euros and selling yen, in an attempt to weaken the Japanese currency.

The ECB was acting on behalf of the Bank of Japan.

As rumours about a possible ECB intervention spread on the money markets, the euro gained nearly one percent against the yen, but did weaken slightly in later trading.

During the past week the Bank of Japan has intervened three times in the markets, hoping to weaken the yen and t