How is it legal for a private corporation to manipulate the markets? http://www.huffingtonpost.com/2011/03/18/ny-fed-intervenes-currency-markets_n_837544.html WASHINGTON â The New York Federal Reserve Bank confirmed that it intervened in currency markets on Friday for the first time in more than a decade. The disclosure came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami. A spokesman at the New York Fed, which operates as the agent of the U.S. Treasury in currency operations, confirmed that it had intervened.