Bank of Japan enters market to weaken yen

MARKET NEWS

TOKYO -- The Bank of Japan (BoJ), at the behest of the Japanese Ministry of Finance (MoF), intervened repeatedly in the foreign exchange markets last week in a bid to weaken the yen.

The moves underscored unusual market conditions as banks and market participants globally stayed on the sidelines following the terrorist attacks on New York and Washington.

"Recent sharp appreciation of the yen in the exchange markets could have undesirable implications for the recovery of Japan’s economy," said