The dollar rose 3 percent against the yen on Friday after the Group of Seven launched its first co-ordinated intervention in currency markets since 2000, and traders braced for more efforts to prevent runaway yen gains in the weeks ahead.
The Federal Reserve and Bank of Canada said they had sold yen, bolstering European and Japanese efforts to reverse the currency's recent sharp gains and calm markets after Japan's devastating earthquake and tsunami and an unfolding nuclear disaster sparked a week of near panic in world markets.
The dollar rose as high as 82.00 yen early in European trade before easing to 81.10 in New York, up about 3 percent. The yen's plunge to a record low near 76 yen earlier this week had pushed the G7 into action. The euro hit a session high around 115.56 yen before easing to 114.63, up about 3.6 percent. The euro rose to a four-month high against the dollar of around $1.4145 after the intervention in euro/yen.
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