GLOBAL MARKETS - Dollar Hits 38-Year High vs Yen; Stocks Mostly Ease

GLOBAL MARKET - NEW YORK. The dollar hit a fresh 38-year high against the Japanese yen on Wednesday, with investor speculation high that Japanese authorities could intervene to strengthen the currency, while global stock indexes were mostly lower.

Japan's top currency diplomat, Masato Kanda, said Japanese authorities were "seriously concerned and on high alert" about the yen's rapid decline.