The G-7 announced today its intervention in the Foreign Exchange Market Forex for the first time in more than a decade, after the substantial rise in the Japanese yen against the dollar and its all major counterparts after the strongest earthquake that damages the nation on March 11.
Moreover, the Central Banks of the U.S., British, Europe, Canada and Japan will cooperate in an orderly to sell the yen in the Forex Market against the dollar, where the intervention will be through the USD/JPY pair, and the intervention will start at 9.00 in Tokyo, whereas each nation would intervene in the markets, when trading opens on its own market.
On the other hand, the BoJ governor, Mr. Shirakawa said we hope that the intervention of G-7 enough to stabilize financial markets and the Bank will continue to pump liquidity in the financial markets,
As for today's trading session, the yen rose versus the greenback, trades around 81.23 after G-7's announcements about their intervention in the market, where the EURJPY pair trades around at 113.80, AUSJPY pair at 130.88.
The Nikkei 225 index jumped 3.05%, added 273.61 point, trading around at 9237.58.