Japan followed Switzerland in seeking to stem appreciating exchange rates that threatened to damage export competitiveness, selling the yen and pledging to inject ¥10 trillion ($126 billion) in funds into the economy.
Japan acted alone in the market, while officials were in touch with other nations, Finance Minister Yoshihiko Noda told reporters Thursday. The Bank of Japan followed up with monetary stimulus that totaled double the amount pledged days after the March 11 earthquake.
At 11 a.m. in London, the dollar traded at ¥80.02-03, compared with ¥79.88-90 at 5 p.m. in Tokyo.
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