Finance Minister Masajuro Shiokawa said Tuesday last week's intervention in the currency markets, which the Bank of Japan conducted through its accounts at the European Central Bank and the U.S. Federal Reserve Bank of New York, showed the economies' shared concerns about the weakening of the dollar.
"What was once 130 yen or 131 yen in the market dropped drastically over a mere three to four days to about 125 yen, and fell further below the 120 yen line," Shiokawa said, referring to the dollar-yen exchange rate."
The dollar fell from the 130 yen level on April 25; it reached the 125 yen range on May 20, then dipped below 120 yen late last week.