The Nikkei Weekly (Japan)
April 11, 2011 Monday
World praises Japan's perseverance, orderliness
On March 18, the day after the yen was driven to an all-time high of 76.25 to the dollar, Group of Seven finance ministers and central bank governors held an emergency videoconference.
Saying "the market will be unconvinced without strong action," Finance Minister Yoshihiko Noda asked his peers to do something that had been forbidden for more than 10-and-a-half years: Simultaneous market interventions by Japan, the U.S. and Europe.
U.S. Treasury Secretary Timothy Geithner said the U.S. was ready for any request from Japan. European Central Bank President Jean-Claude Trichet immediately followed with a promise of cooperation. Concerned about the possible global impact of the earthquake, the world community reached an immediate consensus to pitch in on Japan's behalf.
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