2011 Asia Business SA

The first coordinated intervention in more than a decade, took place to see that the dollar come down against the yen. Traders estimated that the yen selling was in the neighborhood of $20 billion. The G-7 endorsed on Friday a need for more orderly exchange markets where currencies can be more forgiving when natural disasters occur. The reason why this is so important is that Japan’s export-oriented economy is especially vulnerable to a rise in the yen, which makes its good less competitive abroad