Tokyo , Japan ( CNN ) -- The Japanese government stepped in Monday to weaken the yen , after it climbed to a post-World War II high against the dollar . Finance Minister Jun Assume said Japan intervened unilaterally at 10:25 a.m . It was the third intervention this year . `` Foreign exchange rates should reflect the real economy and fluctuate within the range of common sense . Otherwise it will distort the real economy , '' Azumi said . `` I decided it ( the intervention ) this morning as I can not tolerate such appreciation . '' The yen went up to the post-war high of 75.32 per dollar early Monday . The intervention immediately sent it tumbling to 79 per dollar . The government is worried that a strengthened yen will impact its economy , which relies heavily on exports . The country has only now begun to recover from the devastating aftereffects of a March 11 earthquake and tsunami . `` The yen 's appreciation might close down factories and I can not tolerate it , '' Azumi said . For every 1 yen appreciation against the dollar , Toyota , the car manufacturer , loses 30 billion yen ( $ 380 million ) in profits . The stock market , however , lost the upward momentum after an initial 100-point gain as some analysts expressed skepticism about the effectiveness of the intervention . `` The question is how long will the effect of the intervention continue , '' said Toshihiko Matsuno , a senior strategist of SMBC Friend Securities . `` The market is looking at the past examples . If this is a one-time only , the effect would be limited . It all depends how far the government is ready to intervene . It 's a battle between the market and the government . ''
Azumi : `` Foreign exchange rates should reflect the real economy '' not just a political or ideological view of what is good for the economy. The government is worried that a strengthened yen will impact its economy , which relies heavily on exports .