Japan takes action against rising yen

Japan's Government has intervened in the currency for the first time in six years after the yen hit a 15-year high against the US dollar.

The action this morning sent the yen down as much as 3% to 85.52 per US dollar, boosting shares on the Nikkei 225 which closed 2.34% higher at 9,516.56, reversing an earlier 1.1% decline. Japan is reliant on exporters for its economic growth and the strong yen was hurting the sector. Finance minister Yoshihiko Noda says: "We have conducted an intervention in order to suppress excessive fluctuations in the currency market. "We will closely monitor currency developments, and take firm action including intervention. "Our country's economy is still in a very severe situation with co...