Govt steps in to check yen

Japan sold yen in the market on Wednesday for the first time in six years and promised more to come in a bid to stop the currency's relentless rise from hurting exporters and threatening a fragile economic recovery.

Japan sold yen in the market on Wednesday for the first time in six years and promised more to come in a bid to stop the currency's relentless rise from hurting exporters and threatening a fragile economic recovery.

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Estimates varied on how much Japan has spent in its first intervention in the foreign exchange market since 2003-2004, when its forked out $409 billion.

Some dealers said it amounted to about 300-500 billion yen ($3.6-$6 billion), others put it closer to 100 billion yen.