Billionaire financier George Soros said on Wednesday that Japan was right to intervene in foreign exchange markets to bring down the value of the yen.

"Certainly, they are hurting because the currency is too strong so I think they are right to intervene," Soros said at a Reuters Newsmaker event.

Japan sold yen in the market on Wednesday for the first time since 2004 and said it would do so again to prevent the currency's rise from hurting exporters and threatening a fragile economic recovery.