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Dollar surges to 81 yen in Tokyo after intervention.

TOKYO, March 18 Kyodo

The U.S. dollar soared to the lower 81 yen level Friday morning in Tokyo in response to coordinated yen-selling intervention by Japan, the United States, Britain, Canada and the European Union.

The development followed an agreement by the Group of Seven financial chiefs during their phone talks earlier in the day to jointly step into the currency market to arrest the yen's further rise against the dollar.

At 10 a.m. in Tokyo, the dollar traded at 81.26-27 yen, up from the 9 a.m. quote of 79.45-47 yen. The readings compare with Thursday's 5 p.m. quotes of 78.84-94 yen in New York and 79.21-22 yen in Tokyo.

The euro also rose to the upper 113 yen level at 10 a.m., up from the mid-111 yen level seen an hour earlier.

In New York on Thursday, the dollar moved narrowly within the upper 78 yen range, as players were cautious about market intervention before the phone talks among Group of Seven financial leaders after the dollar fell to a postwar low of 76.25 yen in Sydney a day earlier.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Mar 21, 2011
Words:191
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