Japan intervenes in currency market to weaken yen

September 15, 2010 05:30

TOKYO — Japan intervened in the currency market Wednesday for the first time in six years to weaken the yen, which had spiked to 15-year highs against the dollar, battering the country's vital exporters.

The dollar bounced up to 84.52 yen from a low of 82.87 yen earlier after Japan's central bank stepped into the market to sell yen and buy dollars. It was the first time since March 2004 that Japan had intervened in the currency market.

"We have conducted an intervention in order to suppress excessive fluctuations in the currency market," said Finance Minister Yoshihiko Noda.

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