Japan's Finance Minister has taken the rare step of disclosing specific exchange-rate figures that prompted the government to intervene in currency markets amid the prolonged rise in the value of the yen.

Jun Azumi made the remarks to the Lower House Budget Committee on Friday. He said he ordered a massive intervention on the currency markets last October and November when the dollar fell to 75.63 yen, and halted the intervention when it reached 78.2 yen.

Azumi said he judged the Japanese economy would fall into a critical situation if the government and the central bank did not take action.

He said he believes the measure was effective, as the dollar remained in the 77 to 78 yen range through the end of the year.

Azumi added he will not hesitate to order another unilateral intervention when necessary, while continuing to seek coordinated action by explaining the finance ministry's stance to other countries.

News credit: http://www3.nhk.or.jp/daily/english/20120210_21.html

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