This widespread currency intervention by the industrialised leaders of the free world was the first major currency intervention in over a decade, and it seems to have worked in the near-term as the yen weakened and came off its all-time high against the dollar of 76.50.
In Brief
In the early morning of Friday 18 March, the G7 acted in harmony as each member sold billions of yen in an attempt to bring order to the foreign exchange market.
As an Australian about to move to Japan and confused about the recent behaviour of the yen, I found this article very helpful and insightful. A “currency intervention”: what a wonderful concept.