Investing.com - The dollar recovered against the yen on Wednesday after posting the largest one day decline since May 2010 on Tuesday when the Bank of Japan disappointed expectations for measures to ease market volatility. USD/JPY hit 96.91 during late Asian trade, the session high; the pair subsequently consolidated at 96.81, gaining 0.83%. The pair was likely to find support at 95.59, Tuesday’s low and resistance at 99.05, Tuesday’s high. The dollar tumbled 2.7% against the yen on Tuesday following steep falls in Japanese equities after the BoJ refrained from implementing measures to ease volatility in the government bond market. The BoJ’s lack of action along with growing expectations that the Federal Reserve will begin to unwind its USD85 billion-a-month asset purchase program this year fuelled fears that global central banks are coming to the end of stimulus programs. The yen was also lower against the euro on Wednesday, with EUR/JPY rising 0.82% to 128.90 after falling 2.4% to hit lows of 127.07 on Tuesday. The euro remained supported after Germany's Finance Minister Wolfgang Schauble defended the European Central Bank’s bond purchasing scheme at a hearing in Germany’s constitutional court into the legality of the program on Tuesday. The euro zone was to release official data on industrial production later in the day.

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