The yen rebounded against the US dollar following speculation of an intervention by Japanese authorities aimed at stabilizing the currency.
The dollar declined, retracing to nearly 155 on the dollar-yen pair from its earlier peak above 160, in response to concerns about the yen's steep decline to levels not seen in over three decades.
The depreciation of the Japanese currency had raised expectations of action from the Bank of Japan (BoJ), while low interest rates favored carry trades, contributing to the yen's weakness.
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