Global Markets Shudder Amid Concerns Over Currency

Stock markets shuddered Monday in Europe and Asia, with Japanese stocks falling to their lowest level since 1982, as the sell-off that has erased more than 51 percent of the value of global stock markets this year showed no signs of abating.

Currency market traders were keeping nervous watch for central bank intervention, after Group of 7 finance and monetary officials expressed concern about the recent excessive volatility in the yen's exchange rates.

"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," the G-7 statement said. "We continue to monitor markets closely and cooperate as appropriate."

If intervention were carried out, central bankers would likely sell yen for other currencies, driving down the yen and providing support to others.