The Japanese yen extended its decline today, falling for the third straight day, as the nations of the Group of Seven continued selling of the yen to weaken the currency.
The yen surged earlier as the disaster in Japan spurred demand for safer currencies. The excessively strong currency could pose danger to Japan’s economy, prompting the G7, which consists of the US, Japan, Germany, the UK, France, Canada, and Italy, to intervene. The market participants expect the joint action to have strong impact on the currency, hence the resulting
USD/JPY rose from 80.86 to 81.29 today as of 11:07 GMT.
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