G-7 Back From the Brink With Yen Intervention as G-20 Falters

The Group of Seven may have been counted out too soon.

Almost two years after ceding control of international economic policy making to the G-20, the club of seven rich nations yesterday reminded financial markets of its power. By throwing what analyst Ashraf Laidi called a “no buy zone” around the surging yen, the G-7 triggered the Japanese currency’s biggest drop in more than two years.