BOJ intervenes to shore up dollar

JAPAN - The Bank of Japan stepped into the foreign exchange market Monday to shore up the dollar, which at one point rose by more than 1 yen to 122.80. The dollar later returned to the 121 yen level, as the invervention was seen as relatively modest. The central bank last intervened by buying dollars on June 4.

"The rapid foreign exchange move may be bad for Japan and the world economy," Finance Minister Masajuro Shiokawa said Monday in a statement. He said the government will take necessary