Yen Surges against the Dollar on Suspected Intervention

Yen surges on suspected intervention, 160 seen as key level The yen surged against the dollar in early Asian hours on Thursday on what traders suspected was another round of intervention by Japanese authorities to stop a sharp slide in the currency, with the 160 level seen as a key line of defense. The dollar fell sharply to precisely 153 yen from about 157.55 yen for reasons that were not immediately clear , but traders and analysts were quick to say it was dollar selling ordered by Japan’s Ministry of Finance to support a currency languishing at 34-year lows. The…