Yen (¥)
The government is proactive when it comes to intervening in the currency markets, although they have not intervened recently. They are quick to threaten intervention when the yen climbs to a level the Ministry of Finance thinks is too high. They want to make sure that the yen remains relatively cheap so that exporters to the United States will continue to benefit because of lower prices and be able to bring home higher profits besides. Poor economic data have finally put downward pressure on the yen while rising interest rates in the U.S. have made investment there more attractive.

The Ministry of Finance has been content to watch the yen decline. A cheaper yen benefits exporters' repatriated profits and sales. Also contributing to the pressure on the yen is the uncertainty stemming from a combination of a shrinking trade surplus, which in turn is due in part to soaring energy prices. Investors are concerned about how these prices will impact growth, given that Japan imports virtually all of its energy supplies.