Bank of Japan dumps Yen

Bank of Japan dumps Yen in first intervention in six years. Japan's central bank sold its own currency to stem its rapid rise against the U.S. dollar. It is the first such market intervention in six years pushed the dollar up sharply.Rising value of yen was hurting the profit of Japanese companies; a strong yen hurts Japanese exports at a time when its economic recovery is stalling. Japan has in the past guarded its competitiveness by intervening in the currency market. Asian stock markets jumped after the news of intervention. The Nikkei average jumped almost three percent on the news, with shares of large exporters Sony, Kyocera and Toyota rising.The Bank of Japan did not reveal how many dollars the bank bought, but said it will continue to pump ample liquidity into the financial market.