PANews reported on January 23 that the yen's sudden surge against the dollar has alerted traders to potential intervention in Tokyo to prevent the yen from falling to or near multi-year lows. The dollar fell as low as 157.33 against the yen, and was last down 0.13% at 158.17. The dollar-yen pair had previously risen by about 0.5%. The reasons behind this move are unclear, as is whether Japanese authorities have initiated yen-buying intervention. The Japanese Ministry of Finance has not yet commented.
