Japan intervenes in foreign currency market

http://www.washingtonpost.com/world/japan-intervenes-in-foreign-currency-market/2011/10/31/gIQAINEqYM_story.html

Japan intervened on Monday in the foreign currency market, lowering the value of a strong yen that has handcuffed major exporters and hindered Japan’s economic recovery.

The unilateral move came shortly after the yen soared to a post-World War II record high of 75.31 against the dollar. After the Japanese government’s mass sell-off of yen, the currency fell more than 4 percent, to 79.2 against the dollar.

Finance Minister Jun Azumi said Japan will take further action if necessary, in a bid to stave off “downside risks” to the world’s third-largest economy.