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| Japan Nikkei climbs as G7 agrees joint intervention | Japan Nikkei climbs as G7 agrees joint intervention |
| (40 minutes later) | |
| Japanese shares rose in early trading after Japan said the G7 finance ministers had agreed on joint intervention to stabilise the yen. | Japanese shares rose in early trading after Japan said the G7 finance ministers had agreed on joint intervention to stabilise the yen. |
| The main Nikkei 225 index rose 2.7% to 9,205.67 points. | The main Nikkei 225 index rose 2.7% to 9,205.67 points. |
| The yen also weakened against the US dollar to 80.46, having risen to 76.25 yen on Wednesday, its highest level since the Second World War. | The yen also weakened against the US dollar to 80.46, having risen to 76.25 yen on Wednesday, its highest level since the Second World War. |
| Japan's Finance Minister Yoshihiko Noda said the Bank of Japan had started intervention at 0900 (0000 GMT) | |
| 'Huge surprise' | 'Huge surprise' |
| The G7 is a group of the world's seven richest nations, including the US, Japan and the UK. | The G7 is a group of the world's seven richest nations, including the US, Japan and the UK. |
| G7 finance ministers had called for an emergency conference call to discuss how to deal with global market volatility and the impact of a stronger yen on the global recovery. | G7 finance ministers had called for an emergency conference call to discuss how to deal with global market volatility and the impact of a stronger yen on the global recovery. |
| While there was speculation that the group would give the go ahead to Japan to intervene in the foreign exchange markets, analysts have been surprised by a co-ordinated intervention. | While there was speculation that the group would give the go ahead to Japan to intervene in the foreign exchange markets, analysts have been surprised by a co-ordinated intervention. |
| "This is a huge surprise," said Fredric Neumann of HSBC. | "This is a huge surprise," said Fredric Neumann of HSBC. |
| He added that a co-ordinated effort by the biggest economies in the world will have bigger impact than action by the Japanese central bank alone. | He added that a co-ordinated effort by the biggest economies in the world will have bigger impact than action by the Japanese central bank alone. |
| "Markets may doubt the effectiveness of individual central banks' intervention," he said. | "Markets may doubt the effectiveness of individual central banks' intervention," he said. |
| "If several central banks step into the market in a co-ordinated fashion, it will undoubtedly have an effect." | "If several central banks step into the market in a co-ordinated fashion, it will undoubtedly have an effect." |