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Yen cools its feet after red-hot rally
The yen held on to broad gains early on Friday, having posted its biggest one-day rally in over five years against the greenback and euro after the Bank of Japan skipped a chance to ease policy. The vicious yen move is likely to raise the ire of policymakers, although a period of consolidation looks likely with Japanese markets shut for a public holiday. "Outright intervention remains unlikely unless price action gets truly disorderly," analysts at BNP Paribas wrote in a note to clients. "However, we would expect MOF officials to continue to signal that intervention is available to counter disorderly moves and for ... (full story)