The G7 nations are intervening in currency markets for the first time since 2000, on fears a crippled Japanese economy and political upheaval in the Middle East could combine to derail the global recovery.
The news of the intervention came very early this morning after a hastily assembled telephone conference of finance ministers and central bankers, the Telegraph reports. Currency traders in Tokyo and Singapore immediately began selling yen, which had surged to a record high against the dollar in the days after the earthquake. The dollar rose to 81.82 yen after the intervention announcement. It had traded at 78.97 yen on Thursday afternoon after earlier hitting 76.53 yen - an all time low for the dollar and a record high for the yen. Read more...
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