Business News
Japan yen falls sharply after Group of Seven currency intervention
Mar 18, 2011, 1:41 GMT
Tokyo - The yen dropped on Monday morning after the Group of Seven industrial countries agreed to step into the currency markets in a coordinated manner to prevent the Japanese currency's surge.
The yen fell sharply against major currencies, hovering around the lower-81 yen to the dollar as of 9:51 am (0051 GMT) in Tokyo, compared with Thursday's 5 pm quote of 79.21-22 yen.
The euro traded at 1.4010-4014 dollars up from 1.3956-3957 dollars Thursday, and at 113.61-68 yen, up sharply from 110.55-59 yen.
The intervention prompted the benchmark Nikkei 225 Stock Average to rise 2.68 per cent to trade 9,203.25 as of 10:15 am (0115 GMT). The broader Topix index was also up 2.32 per cent at 829. 64.
A weaker yen makes Japanese goods less expensive abroad and improves repatriated earnings.
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