Tokyo curbs record-high yen

The yen dropped to a three-month low against the dollar yesterday after Japan intervened in the market to curb its currency's rise.

Japan's latest round of intervention, the third this year, came after the dollar hit a fresh record low of 75.311 yen. The Finance Minister Jun Azumi said Tokyo would keep intervening until it was satisfied with the results. There were varied estimates on the scale of intervention, ranging from $150bn to as low as $65bn. Even the lower amount could be a record level for the Bank of Japan.