Japan's monetary authorities intervened in the foreign exchange market Wednesday for the first time in 6 1/2 years to stem the yen's appreciation against the dollar and save the export-driven economy, Finance Minister Yoshihiko Noda said.
After Noda confirmed the move, the yen fell from a 15-year high versus the dollar, tumbling the most in four months.
The yen fell past 85 per dollar for the first time in almost two weeks, trading at 85.39 at 5:32 p.m. in Tokyo. The currency had risen more than 11 percent from mid-May through Tuesday. Against the euro, the yen fell 2.6 percent to 110.78.