Yen value falls as G7 moves to support Japan

The yen fell from historic highs today after the Group of Seven major industrialised nations promised coordinated intervention in currency markets to support Japan's recovery from a catastrophic earthquake and tsunami.

The G7 pledge came after the yen hit an all-time high against the US dollar yesterday, possibly threatening Japan's exports and hampering its economic recovery from the March 11 quake that triggered an unfolding nuclear crisis.