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Japan Intervenes to Weaken Yen, First Time Since 2004

Japan’s finance minister has confirmed that Japan intervened in the currency market to weaken the yen, which had spiked to 15-year highs against the dollar, hurting Japanese exporters.

The dollar bounced up to 84.36 yen from a low of 82.87 yen earlier Wednesday.

It is the first time since March 2004 that Japan has intervened in the currency market.

A strong yen hurts Japan’s exporters by eroding their foreign income when repatriated to Japan.

TOKYO (AP)

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