Yen falls after G7 pledge to support Japan

AP News
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Posted: Mar 17, 2011 9:20 PM

The yen has dropped in value following a pledge by Group of Seven major governments to intervene in markets to support Japan's quake recovery.

The Japanese currency fell from 79.45 to the U.S. dollar to 81.26 in early Friday trading. That came shortly after the G7's pledge to intervene in markets to stop the currency's rise, which could hurt Japan by making its exports more expensive.

Japan's Kyodo News agency said the government intervened in currency markets immediately after the joint G7 statement but there was no immediate official confirmation of that.