CN:Forex - Yen tumbles against dollar after Japan intervenes
Forexpros - The yen tumbled more than 3% against the U.S. dollar on Thursday, after Japanese authorities intervened in currency markets to curb the yen's sharp gains and support its predominantly export-led economy.
USD/JPY hit 79.45 during late Asian trade, the pair's highest since July 14; the pair subsequently consolidated at 79.42, rallying 3.08%.
The pair was likely to find support at 76.95, the day's low and resistance at 80.36, the high of July 12.
Japanese Finance Minister Yoshihiko Noda said Japan acted alone in the intervention, in contrast to March, when Japan and counterparts from the Group of Seven nations intervened to curb the yen's appreciation in the days after the March 11 earthquake.
The Bank of Japan said separately that the Finance Ministry's action "will contribute to stable price formation in the market."
The Japanese intervention came one day after the Swiss National Bank cut its key lending rate to a narrower range and took other measures to prevent the Swiss franc from rising further.
The yen was also lower against the euro, with EUR/JPY jumping 2.94% to hit 113.60.
Later Thursday, the U.S. was to publish government data on initial jobless claims.
