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G-7 Sells Yen as Japan Seeks Post-Quake Floor for Currency

The Group of Seven jointly intervened in the foreign exchange market for the first time in more than a decade after Japan’s currency soared, threatening its recovery from the March 11 earthquake.

Japan began the effort, with Europe’s central banks following up in their markets, sending the currency down the most against the dollar since 2008. Japan’s Vice Finance Minister Fumihiko Igarashi said in an interview that he hoped the action would put a floor under the dollar-yen rate. G-7 finance chiefs said in a joint statement after a conference call they will “provide any needed cooperation” with Japan.