–Japanese Finance Minister Noda calls the dollar’s fall to Y79.17 earlier in the day “sharp.”

–Noda says he will closely monitor the currency market.

–Noda’s description of the yen’s rise is still modest, suggesting risk of intervention may still be low.

(Updates throughout with more background.)

TOKYO (Dow Jones)–Japan’s finance minister on Tuesday described the yen’s rise earlier in the day as “sharp,” …