The Yen flies and Tokyo runs for cover. This morning there Central Bank of Japan it intervened on the market to stop the run of its currency. Market players quoted by the Financial Times report that the Japanese authorities have sold on the market spot 3 trillion yen (37,9 billion dollars).
The move was ordered by Finance Minister Jun Azumi who confirmed the intervention. The results were not long in coming: the Japanese currency fell by 5,1%, at 79,50, after having touched the highest level since the post-war period at 75,35 in the previous hours.
Considered a safe haven currency by investors, the yen strengthened in recent months has put the country's exporting companies in difficulty.
