The yen fell sharply on Friday, March 18 against the dollar and euro. The yen backed off of 3.84% against the euro and 2.92% against the dollar at about 12: 50 am, Paris time, after touching a session low of 115.50 per euro and 81 98 per dollar. This decline comes after the Japanese currency intervention by several central banks of the G7 on the currency markets to curb the soaring yen, after reaching a record high Thursday at 76.25 yen to the dollar.
The European Central Bank (ECB) said it would cooperate "as appropriate" in this concerted action "by the authorities of the United States, the United Kingdom, Canada," recalling that "excessive volatility" and " disorderly movements "in foreign exchange had a negative impact on the economic and financial stability.
Fumihiko Igarashi, vice Japanese finance minister, said he was satisfied with the impact of the transaction on the markets and the Japanese yen. Traders also welcomed this action and multilateral, in their opinion preferable to further intervention by the Bank only in Japan (BoJ). The Japanese central bank has nevertheless acted Friday by injecting 3 000 billion yen additional market, or 37,000 billion yen (333 billion euros) in total since the start of the week.
Consequence of the tsunami that struck Japan, Friday, March 11, the yen soared during the past week, buoyed by speculation on a massive repatriation in the country of funds held abroad by Japanese companies. The Japanese currency has also maintained its safe haven status and its surge was also fueled by an influx of investors in a market worried.
The strength of the yen makes Japanese exports less competitive, which will be vital to country's economic recovery. 
The European Central Bank (ECB) said it would cooperate "as appropriate" in this concerted action "by the authorities of the United States, the United Kingdom, Canada," recalling that "excessive volatility" and " disorderly movements "in foreign exchange had a negative impact on the economic and financial stability.
Fumihiko Igarashi, vice Japanese finance minister, said he was satisfied with the impact of the transaction on the markets and the Japanese yen. Traders also welcomed this action and multilateral, in their opinion preferable to further intervention by the Bank only in Japan (BoJ). The Japanese central bank has nevertheless acted Friday by injecting 3 000 billion yen additional market, or 37,000 billion yen (333 billion euros) in total since the start of the week.
Consequence of the tsunami that struck Japan, Friday, March 11, the yen soared during the past week, buoyed by speculation on a massive repatriation in the country of funds held abroad by Japanese companies. The Japanese currency has also maintained its safe haven status and its surge was also fueled by an influx of investors in a market worried.
The strength of the yen makes Japanese exports less competitive, which will be vital to country's economic recovery.
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