Dollar/yen extends loss amid specter of BOJ intervention

The dollar tumbled in opposition to the yen late Wednesday afternoon, recoiling extra from 34-year highs two days after traders said Jap authorities were buying yen to make stronger their forex, which had fallen 11 per cent this year.

Buck/yen stood at 153.30, down 2.85 per cent and below the 154.40 low considered Monday after it drew support from 160.245.

Merchants cited yen-buying by Jap authorities as a location off for Monday’s nosedive, but Japan’s high forex diplomat, Masato Kanda, declined to comment when requested if authorities had intervened, pronouncing that the most modern traits in the forex market were “speculative, rapid and irregular” and won’t be uncared for.