G7 Intervenes To Prevent Yen Speculation

The G7, US, Canada and the European Central Bank have intervened to prevent speculation on the yen in the wake of a national emergency in the country.

"Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," said the G7 in a statement.

Earlier in the week, the yen soared against the dollar, threatening to make its exports more expensive and worsening the crisis in the country.

After today's intervention, the yen fell around 2.6 percent against the dollar and euro.

"We express our solidarity with the Japanese people in these difficult times, our readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector," said the G7.