Japanese yen fell from 15-year maximum versus the greenback as Japanese monetary authorities performed currency intervention for the first time since 2004 in order to stop excessive appreciation of the national currency.

Japan’s Finance Minister Yoshihiko Noda announced today that the country unilaterally sold yen. It happened a day after Japanese Prime Minister Naoto Kan was reelected as the leader of ruling Democratic Party and it was not he but his opponent Ichiro Ozawa who called for urgent intervention.

The pair USD/JPY rose from 83.04 yen at today’s opening to set maximum at 85.13. It’s trading currently in area.

The analysts’ reactions on the intervention were different. Strategists at Credit Agricole CIB in Hong Kong note that Japan’s actions at the currency market will be successful only with support from the Federal Reserve or the European Central Bank. In their view, yen’s strengthening against US dollar is driven mainly by US problems.

Economists at Citigroup Inc. in Singapore, on the contrary, believe that the result of the intervention may be much better than it’s thought as direct comments of Noda create a “strong conviction” in the market players. Analysts at Gaitame.com Research Institute Ltd. in Tokyo think that what happened today shows that Japanese government are resolute to hold yen from dangerous gains.