2012.10.1202:11:00UTC+00Yen Off Early Lows Against Majors

The Japanese yen that declined against other major currencies in early Friday Asian deals bounced back shortly thereafter.

The yen fell earlier amid possible intervention by Japanese authorities to stem yen's rise as highly overvalued currency had affected county's economic economic growth.

Japan Finance Minister Koriki Jojima raised worries about the yen's steep rise at the G-7 meeting on Thursday and urged support of other countries in stabilizing exchange rates.

Separately, Japan's economy minister, Seiji Maehara, said yesterday that Japan may intervene on its own in FX market without U.S. consent.

The yen is now trading at 78.35 against the greenback, 125.58 against the pound, 83.79 against the franc, 101.30 against the euro, 80.08 against the loonie and 80.49 aussie, compared to early lows of 78.55, 126.04, 84.03, 101.62, 80.31 and 80.78, respectively.

Also, the yen recovered from a 3-day low of 64.42 against the NZ dollar with pair now trading at 64.21.