Your Move, G-7

Update: Wow. Did they ever. Check out the G7 moves here ...

Currency traders are awaiting an emergency teleconference of G-7 ministersand central bankers later today, and the big question is whether they will act together to weaken the yen, or whether Japan will go it alone.

Rebecca Patterson, global head of currencies and commodities at J.P. Morgan's private bank, is hoping for the former.

Unilateral action by the Bank of Japan might stop the yen's rise, but it's not clear how much more it could do, she said.

"It is in all of the G-7's interest to stabilize the Japanese markets," she told CNBC's David Faber. Take a look at the interview, starting at 2:34.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm.

"Money in Motion Currency Trading" repeats on Saturdays at 7pm.