G7 agrees joint intervention to restrain yen

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The G7 agreement to jointly intervene to sell yen came as a surprise to many as sources had suggested they would only give Japan a green light to go it alone.

"This is the first coordinated intervention that we have seen since 2000 so it's going to have a very huge resonating effect on the market," said Kathy Lien, director of currency research at GFT in New York.
"Because the only type of intervention that actually works is coordinated intervention and it shows the solidarity of all central banks in terms of the severity of the situation in Japan."

http://news.yahoo.com/s/nm/us_global...dyZWVzam9pbg--

[SAT]

Re: G7 agrees joint intervention to restrain yen

G7

The G7 (also known as the G-7) is the meeting of the finance ministers from a group of seven industrialized nations. It was formed in 1976, when Canada joined the Group of Six: France, Germany, Italy, Japan, United Kingdom, and United States.[1]

http://en.wikipedia.org/wiki/G7