TOKYO (CBS.MW) – The dollar fell to the lowest level in almost four years in Asia Wednesday as market participants tested Japan’s resolve for its dollar-buying intervention policy ahead of Japan’s “tankan” business sentiment survey to be released Thursday.
The dollar traded at 104.29 yen after briefly falling to 103.98. The dollar traded at 105.91 yen late Tuesday in New York. It fell below 104 yen for the first time since June 2000.
For a bit of context, see this post.
UPDATE: Karsten reports on the just-released data describing Japan’s interventions in the currency markets over the past month. Japan was apparently still buying lots and lots of dollars in March…