Japan intervenes in markets to combat rising yen

Japan's leading shares rose as much as 3% after authorities intervened in the currency markets to weaken the value of the yen against the dollar.

The central bank stepped in to sell yen and buy dollars, a day after the yen hit a 15-year high against the dollar.

It is the first time in six years that the Bank of Japan has intervened, and further action has not been ruled out.

A strong yen makes Japanese exports more expensive, and reduces profits when earnings are repatriated.

Mariko Oi reports.

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