Global Crisis

Saving the Yen

Posted on Friday, March 18, 2011

Howard Schneider and Neil Irwin: "The United States and other major industrialized nations will combine in a rare coordinated currency intervention on Friday to keep the Japanese yen from rising too sharply in value in the wake of the country’s recent natural disasters, a sign of the deep global concern about the health of the world’s third-largest economy. After a conference call on Thursday evening, finance ministers of the Group of 7 industrialized nations pledged 'solidarity' with Japan and said that a recent run-up in the value of the yen led them to decide on a 'concerted intervention in exchange markets' to try to stabilize the value of the currency."Erza Klein Wonkbook

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