The world’s most powerful central banks joined forces to sell billions of dollars worth of yen, battling speculators – described as “sneaky thieves” by one Japanese official – who have driven the currency to record highs.
The intervention by banks including the Federal Reserve, European Central Bank, Bank of Japan and Bank of England began in the early hours of Friday morning, after ministers from the Group of Seven most industrialised nations approved the first such co-ordinated action in more than a decade.
Traders estimate that more than $25bn was spent by the world’s richest nations, a great deal of it by Japan, in an effort to drive the Japanese currency sharply lower against the dollar after it soared to a post-war high of Y76.25.
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