The G7 Industrialized Nations met today in Tokyo to discuss the credit crisis, with a focus on its impact on forex markets. The Japanese Yen, specifically, has exploded in recent weeks, as nervous investors have fled emerging markets and other risky sectors, and have unwound carry trades (funded with Yen) in the process. Evidently, this is wrecking havoc on the Japanese economy, which has a notoriously frail domestic sector and is heavily reliant on exports to drive growth. The Central Bank of Japan has recently threatened intervention, and now that the G7 is presumably on board, it may do just that. The New York Times reports:

The statement, which said the G-7 would "monitor the markets closely and cooperate as appropriate," came as countries in Asia, spooked by the relentless sell-offs in the stock markets, scrambled to support their economies.

Read More: Group of 7 Meeting in Tokyo Tackles Yen’s Rise