Investors cheer, but analysts worry
(NEWSER) - Japan has taken the extraordinary step of intervening in the currency market in an effort to drag down the soaring yen. Japanese monetary authorities bought dollars and sold trillions of yen, driving the yen down from 84.5 yen to the dollar to 82, the New York Times reports. Their goal: to protect Japanese exports, which have taken a beating this year as the yen hit a 15-year-high against the dollar. Japanese investors cheered, sending the Nikkei up 2.3%, according to Bloomberg . More»