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With so many investors seeking safe-haven currencies recently, the value of stable monies such as the yen has been steadily rising and commentators suggested it was a matter of time before Japan halted its currency's ascendancy.
The decision to intervene prompted the euro to rise more than three per cent against the yen, but it is not clear if it will stop the growth in value in the longer term, reported Reuters.
Chris Turner, chief currency strategist at ING, suggested it will be a long and drawn-out campaign for the yen and Swiss franc - another money that has been strengthening rapidly.
"It seems a fresh chapter is opening up in the currency wars, with both Japanese and Swiss officials trying to draw lines in the sand regarding the strength in their currencies," he said in a note.
A trader at a major Japanese bank told Dow Jones that the Japanese intervention is likely to have "limited" success.
Posted by Greg Secker
