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Japan's yen posts outsized gains, traders suspect new bout of intervention
The yen strengthened steadily against the dollar on Wednesday, with traders suspecting another round official buying after Japanese authorities last week likely stepped in to haul the currency away from 38-year lows. The dollar was last down 1.22 per cent at 156.34 yen, its lowest in around a month. The euro was also down 0.9 per cent on the yen.The Japanese currency has posted several outsized moves in recent days, appreciating sharply on Thursday and Friday from near 38-year lows, sudden rallies which market participants said had the hallmarks of currency intervention. Bank of Japan data released on Tuesday ... (full story)