G7 nations in $25bn yen sell-off

The world’s most powerful central banks joined forces to sell billions of dollars worth of yen, battling speculators – described as ‘sneaky thieves’ by one Japanese official – who have driven the currency to record highs.
The intervention by banks including the Federal Reserve, European Central Bank, Bank of Japan and Bank of England began in the early hours on 18 March 2011, after ministers from the Group of Seven most industrialised nations approved the first such co-ordinated action in more than a decade.
Traders estimate more than $25bn was spent by the world’s richest nations, a great deal of it by Japan, in an effort to drive the Japanese currency sharply lower against the dollar after it soared to a post-war high of Y76.25.

BBC News, 18.3.2011: G7 countries agree on intervention to control yen rise http://www.bbc.co.uk/news/business-12781534

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