Japan and South Korea Stage Rare Currency Intervention

A rare joint intervention by Japanese and South Korean officials has boosted the value of their respective currencies.

The unprecedented move saw officials buy up their currencies in the open market, with some sources suggesting that US authorities may have been involved alongside them.

The intervention late Thursday was successful in lifting the Japanese Yen (JPY) away from 40-year lows, but traders were quick to test Tokyo's resolve on Friday when the Bank of Japan left interest rates unchanged as widely expected.

The JPY gained around 0.74% on the day to trade at 160.72 against the US Dollar (USD), while the Korean Won strengthened by 2% to reach its highest value in nine months.