Yen Declines From 15-Year High After Japan Sells Its Currency
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The yen tumbled from a 15-year high versus the dollar and weakened against all of the most-traded currencies after Japan intervened for the first time since 2004 to curb gains that threaten an export-led recovery.
The yen had its biggest weekly decline against the greenback since April after Finance Minister Yoshihiko Noda said on Sept. 15 that the nation acted unilaterally. The intervention came as speculation increased that the Federal Reserve would consider expanding asset purchases next week through a policy known as quantitative easing that could erode the value of the dollar.