21 Mar 2011

G7 countries agree on intervention to stabilise yen

1:25 pm on 21 March 2011

The world's richest nations carried out coordinated action in the currency markets to try to stabilise the soaring Japanese yen on Friday, and they've pledged to do more if needed.

It is first time since 2000 that G7 countries have jointly intervened in the currency markets, the BBC reports.

The nuclear crisis in Japan, coming soon after a huge earthquake and tsunami, has hit financial markets around the world, with many worried about the impact on the global economy.

The yen weakened after the intervention, and news of the decision had an immediate impact as the Japan's Nikkei index, which gained 2.7% on Friday