Japan steps in to curb yen strength

Japan has intervened to weaken the yen for the second time in three months after the currency hit a fresh record high against the dollar.

Japanese finance minister Jun Azumi said Tokyo stepped in to counter speculative moves that were hurting the economy, Reuters reports. The yen slumped 3.9% to 78.81 per dollar this morning after climbing to a record 75.35 earlier today. The ‘safe haven’ currency had strengthened even as global stocks rallied in response to EU leaders’ action on the eurozone debt crisis. Azumi said the government will continue to intervene until it is satisfied with the results. Tokyo's latest foray into currency markets follows repeated warnings it is unhappy with the strength of the yen, and comes...