TOKYO (MNI) – Yen-selling interventions conducted by the Group of

Seven industrialized nations is estimated to have totaled Y2 trillion to

Y2.5 trillion, the Yomiuri Shimbun reported on Sunday.

The newspaper said that the European Central Bank, Bank of England

and the Federal Reserve conducted yen-selling interventions in their

markets after the Tokyo market closed on Friday.

This is the first concerted G-7 forex action since September 2000,

when the euro came under heavy selling as capital flowed into the U.S.

stock market at the peak of the IT bubble.

The newspaper also noted that the bulk of the yen-selling

interventions was done by Japanese authorities.

Japanese Finance Minister Yoshihiko Noda said on Friday, “Following

the G-7 agreement, the government and Bank of Japan will implement

intervention in the foreign exchange market from 9 a.m. (0000 GMT).”

By Market News International