U.S., Canada join intervention efforts to sell yen (by William L. Watts)

LONDON (MarketWatch) -- The Bank of Canada on Friday said it joined in a coordinated effort by the Group of Seven nations to weaken the Japanese yen. "Bank of Canada joins concerted intervention effort by selling Japanese yen," the bank said in a one-sentence statement posted on its web site. The New York Federal Reserve was also seen selling yen, strategists said. The U.S. dollar (c_jpy) traded at 81.18 yen, up 2.5% on the day. Dollar/yen soared in Asian trading hours as the Bank of Japan kicked off yen-selling efforts after the G-7 announced it would take coordinated action to curb the currency's post-earthquake rise. The U.K. Treasury earlier confirmed that the Bank of England intervened on its behalf to sell yen, while the German Bundesbank and the European Central Bank said they also joined the intervention effort.