Japanese Stocks Higher, Yen Falls After G-7 Intervenes
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Japanese markets are higher and the yen is lower after the G-7 Finance Ministers and Central Bank Governors said they would intervene to curb the yen's dramatic rise against the dollar.
In a joint statement the G-7 said:
"In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on March 18, 2011, in concerted intervention in exchange markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange markets closely and will cooperate as appropriate."
Going into the afternoon break, the Nikkei 225 is up 162 points to 9,125. The dollar is up over 2 to 81.31 against the yen.
In a joint statement the G-7 said:
"In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on March 18, 2011, in concerted intervention in exchange markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange markets closely and will cooperate as appropriate."
Going into the afternoon break, the Nikkei 225 is up 162 points to 9,125. The dollar is up over 2 to 81.31 against the yen.
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