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Experts have suggested that the change comes as forex traders look to purchase US dollars to cover their short position amid speculation that authorities in the Asian nation will soon intervene to strengthen its position against the yen.
Last week, the dollar fell to 75.64 yen, the lowest level seen since the World War II, although earlier today it rose to 76.70 yen, up 0.2 per cent.
Richard Falkenhall, currency strategist at SEB in Stockholm, told Reuters: "Interventions they've done in the past, they've stopped the move for the time being but they will have to keep coming back into the market."
Last week, traders showed great enthusiasm for purchasing yen as the currency was viewed as a safe haven option as fears over global economic growth increased.
Posted by Greg Secker
