TOKYO - Japanese government unveiled on Wednesday a $100 billion  program to tackle the rise of the yen.  

Japan intervened in the currency market earlier this month by selling yen and expanded the monetary easing program, due to calls from industries and media. However, the effect is limited so far.

The currency continued to appreciate against the dollar and hit a post-war high last week. The dollar traded in the upper 76 yen range early Wednesday. At 9 am, the unit bought 76.64-67 yen against 76.60-70 yen in New York and 76.64-66 yen in Tokyo at 5 p m Tuesday.

A strong yen is poisonous to Japan's exporters, represented by automobile and high-tech industries, the locomotive of the economy. It weakens Japan's global competitiveness and erodes profits when repatriated.

Many companies have warned of transferring production out of Japan, a move that will hollow domestic industries, further deteriorate employment and consumption.

Pains have already been felt, 24 enterprises went bankrupt due to yen's appreciation in the first half of this year, 20 percent higher than the same period of last year, according to research firm Teikoku Databank. In June, the country's ship-building industry received a total of 15 orders, halved from last June.