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Dollar jumps after Japan intervenes in currency market to weaken strong yen
TOKYO (AP) ' The dollar has jumped against the yen after Japanese monetary authorities intervened in the currency market to weaken the yen, whose recent appreciation has hurt the country's vital exporters.
Monday's action, confirmed by Finance Minister Jun Azumi, came after the Japanese currency had surged to a post-World War II high of 75.32 yen against the dollar earlier Monday.
By 11:45 a.m., Tokyo time, the dollar has risen sharply to 79.19 yen.
The strong yen erodes overseas earnings for Japanese exporters.