Yen Retreats from Seven-Week High on Intervention Expectations

The Japanese yen retreated today, after it reached the highest level in seven week against the US dollar yesterday, on speculation that Japan will intervene to curb recent gains.
Japan, together with other members of the Group of Seven, intervened last time to weaken the currency as it surged after the earthquake on March 11. The intervention managed to weaken the currency, but the yen was steadily rising in April, reaching the pre-intervention levels. Even now the Japanese currency is trying to erase its daily losses.
USD/JPY rose from 80.06 to 80.63, but retreated and traded at 80.41 as of 8:36 GMT today. EUR/JPY traded at about 116.82 after advancing from 116.41 to 117.59.

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