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The yen, weakened by the Japanese government’s easy monetary policy, hit a 38-year low against the dollar on Wednesday, sparking speculation about a new intervention by authorities.
Stocks on Wall Street eked out small gains after a choppy session that saw big moves in some individual stocks after corporate earnings, while those elsewhere were mostly lower.
The yen slid as far as 160.75 against the greenback, before paring some of its losses.
Despite sliding through the 160 level, there was no indication that authorities had intervened to support the yen, said market analyst David Morrison at Trade Nation.
“This being the case, it’s possible that traders work to push the yen lower in a renewed attempt to test the resolve of the Japanese authorities,” he said.
