• Export-led Japanese economy being damaged by rise • Japan is ‘standing on the edge of a cliff’ says Canon Japan’s finance minister admitted today that the soaring yen risks damaging the country’s export-led economy , sparking speculation that the government is preparing to intervene in the currency markets for the first time in more than five years. Hirohisa Fujii’s comments came after the dollar slumped to below ¥85 – its lowest level for 14 years – before rallying to the low-¥86 range. Fujii said the yen’s relentless rise was “one-sided” and “harmful” to the economy.