Finance ministers from the G7 group of the world's richest nations have agreed to step into currency markets in an effort to control volatility in Japan's yen.
It is first time since 2000 that G7 countries have jointly intervened in currency markets.
Earlier this week, the yen hit its highest level since the Second World War against the US dollar.
There are fears a strong yen will hamper Japan's recovery.
In Asia, on Friday the yen weakened to 81.21 against the US dollar after news of the intervention plans.
The G7 said that the member nations would "join Japan, on March 18, 2011, in concerted intervention in exchange markets".
"As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," the G7 said in their statement.
"We will monitor exchange markets closely and cooperate as appropriate".
source: http://www.bbc.co.uk
Earlier this week, the yen hit its highest level since the Second World War against the US dollar.
There are fears a strong yen will hamper Japan's recovery.
In Asia, on Friday the yen weakened to 81.21 against the US dollar after news of the intervention plans.
The G7 said that the member nations would "join Japan, on March 18, 2011, in concerted intervention in exchange markets".
"As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," the G7 said in their statement.
"We will monitor exchange markets closely and cooperate as appropriate".
source: http://www.bbc.co.uk
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