Japan intervened in the foreign-exchange market for the fifth time in five weeks early Monday afternoon, boosting the dollar from the lower half of 121 yen, financial authorities said.
"Recent rapid movements of the dollar-yen exchange rates in the markets could have undesirable implications for the Japanese economy and the world economy," Finance Minister Masajuro Shiokawa said in a statement. "In this context, we have taken appropriate action today in the foreign-exchange market."
The intervention sent the U.S. currency, which fell to 121.02 yen in Tokyo at one point in the morning, up briefly to 122.80 yen. At 5 p.m., the dollar was quoted at 121 yen.44-46.