The Bank of Japan announced that it is ready to take the second intervention into the market during the month, which following last week's move, if the yen continues to high again versus the greenback.

The Bank of Japan decided to intervene in the Forex Market in a unilateral move to sell the yen to stem the rally, as the substantial rise in the Japanese yen against the dollar and its major counterparts after the strongest earthquake further restricts the recovery.

The Japanese government noted the Bank of Japan would take prudent action at the time, where the Bank has injected 3.5 trillion into the market to stem the yen's gain against majors. BOJ followed Switzerland's intervention that also was due to the surge in its exchange rate.