Dollar Falls Against Yen Amid News of Japanese Authorities Intervening to Support Currency

Singapore: The dollar fell near the 160 yen level Tuesday amid fears that Japanese officials would intervene to support the currency. The dollar was last 0.08 percent lower at 159.42 yen, having traded in a tight range throughout the Asian session as traders were leery of testing the key resistance level that had prompted a 9.79 trillion yen ($61.33 billion) currency intervention from Tokyo in late April and early May. This prevented the yen from hitting new lows against other currencies, with the pound settling just below 16-year highs at 202.38 yen. The Aussie dollar similarly retreated from a 17-year high against the yen and last stood at 106.21. Against a basket of currencies, the dollar dipped 0.1 percent to 105.39. Sterling ticked 0.09 percent higher to $1.2696, while the Australian dollar rose 0.1 percent to $0.6663. The New Zealand dollar was little changed at $0.6124. The euro gained 0.06 percent to $1.0741. Source: Qatar News Agency