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Dollar/yen extends loss amid specter of BOJ intervention

Reuters
·1-min read

May 1(Reuters) - The dollar tumbled against the yen late Wednesday afternoon, recoiling further from 34-year highs two days after traders said Japanese authorities were buying yen to support their currency, which had fallen 11% this year.

Dollar/yen stood at 153.30, down 2.85% and below the 154.40 low seen Monday after it drew back from 160.245.

Traders cited yen-buying by Japanese authorities as a trigger for Monday's nosedive, but Japan's top currency diplomat, Masato Kanda, declined to comment when asked if authorities had intervened, saying that the current developments in the currency market were "speculative, rapid and abnormal" and could not be overlooked. (Reporting by Alden Bentley and Gertrude Chavez)