Dollar Slips, but Gains on Yen, Amid Apparent Intervention
Dow Jones Newswires</br></br>NEW YORK -- Hurt by continued concern about the stubbornly weak U.S. labor market, the dollar slid sharply against its main rivals apart from the yen, thanks only to another round of apparent intervention by Japanese monetary authorities.</br></br>Strong bids from Japanese and U.S. financial institutions -- some out of Tokyo -- lifted the dollar from its lows during New York trading, preventing it from sinking below 116.00 yen, a level market participants say Japanese authorities are determined to protect. "I don't know for sure, but it looks official -- big time," said a dealer in New York when the dollar started rallying.</br></br>The chief dealer at a Japanese bank in New York said certain U.S. banks were buying "large amount of dollars" as the dollar started to turn around.</br></br>To be sure, this was virtually the only respite the dollar got all day. Against the euro, Swiss franc, sterling -- and until the apparent intervention, the yen -- the currency was consistently under heavy selling pressure.