G-7 to Discuss Japan Tomorrow as Yen Climbs to Postwar High

The yen strengthened to a post-World War II high as Group of Seven officials prepare to meet to discuss the threat to the world’s third-largest economy from last week’s earthquake and a worsening nuclear crisis.

The yen rose as officials hold back for now from intervening in currency markets to stem its advance, climbing 4.5 percent in 26 minutes as markets closed in New York and re-opened in Asia. The G-7 teleconference will begin at 7 a.m. Tokyo time and will encompass currencies, Finance Minister Yoshihiko Noda told reporters in Tokyo today. The yen’s climb today is driven by speculation and the government is monitoring its moves, Economy Minister Kaoru Yosano said.