Japan intervenes in forex market to weaken yen

Tokyo, Oct 31 (IANS) Japan conducted solo yen-selling intervention for the first time in about three months Monday morning, bringing the US dollar to the upper 78 yen range in Tokyo.

Japanese Finance Minister Jun Azumi confirmed the intervention, which he said was conducted at 10.25 a.m., Xinhua reported.

The dollar, which had dropped to a fresh postwar low of 75.32 yen in Oceanian trading earlier in the day, surged by about 3 yen from the upper 75 yen range after the intervention.