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Traders See Yen at 152 Per Dollar as ‘Line in The Sand’ for BOJ
Expectations are building that authorities in Japan are willing to directly enter the market to prop up the currency after it fell to a 34-year low. The rate that most traders are now eyeing as a possible trigger is 152 per dollar, a level the yen came within a whisker of earlier on Wednesday. It would be a fresh low that sets the market up for further losses, strategists say. Authorities earlier pledged to take appropriate action against excessive swings in the foreign exchange market, saying price moves had been speculative. While that fell short of a more aggressive response some had been holding out for, it’s a ... (full story)
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