Global markets fight back after G7 weakens yen

Global markets are continuing to fight back with all the leading indices trading in the black after G7 finance ministers agreed to cool the soaring yen.

Overnight the yen depreciated to 81.32 against the dollar, after hitting a record high of 72.26 at the end of trading on Wednesday.

The yen weakened after G7 ministers said they would take action to bring down the overheated currency.

Crude oil also climbed overnight, up 3.5% to its highest price in three weeks after the G7 countries agreed to effect a no-fly zone foreign against Libyan leader Muammar Gaddafi's forces.

In response shares rose, with the Nikkei gaining 2.7% overnight to close at 9,207, while the Dow Jones also posted strong gains, up 1.4% at 11,775.

The S&P 500 also rose 1.34% to 1,273.

The FTSE has followed suit this morning, gaining 0.46% to 5,722 in early trading as investors look to take advantage of lower share prices.

Meanwhile, the French Cac has gained 0.75% to 3,814, and the German Dax is up 0.8% to 6,709.