US dollar slumps to record low vs yen

NEW YORK: The US dollar hit a record low versus the yen on Tuesday, raising expectations of intervention by the Bank of Japan.

The dollar hit a fresh low of 75.77, just above the previous low of 75.78 yen reached late last week. It last traded at 75.92, down 0.2 percent on the day, according to Reuters data.

That drop leaves investors nervous about possible intervention by the Japanese authorities to stem the currency's rise.

Japanese Finance Minister Jun Azumi again warned markets against pushing up the yen too far, saying he was ready to take firm steps if its gains became excessive.

Copyright Reuters, 2011