On 15th Sept, Yen moved from 83 to 85.7 yen per dollar due to the Japanese authorities' intervention in the foreign exchange markets to weaken the value of the yen against the dollar, a day after the yen hit a 15-year high against the dollar.
a. Explain how did Japanese central bank intervene the exchange rate between Yen and Dollar in foreign exchange markets?
b. What was the government's justification for the intervention?
c. Did the intervention succeed? Explain the reasons for your answer.