Japan takes unilateral action to counter currency appreciation

bankofjapan

The Japanese government and central bank on Thursday intervened to weaken the yen and economic growth as the country recovers from the earthquake and tsunami tragedies.

The Ministry of Finance reportedly instructed the Bank of Japan to sell an estimated ¥1 trillion ($12.6 billion). Following the intervention, the yen fell 2.45% against the dollar and traded at ¥78.875 to the greenback at 4:30pm UK time.

Local media reports quoted finance minister Yoshihiko Noda as confirming the move, but said

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