US Dollar Dips from 8-Week High vs Yen as Intervention Fears Intensify

CURRENCY - NEW YORK. The U.S. dollar slipped from an eight-week high against the yen on Monday, with traders back on alert for government intervention to support the Japanese currency after it hit just shy of 160, a level that earlier triggered action from the Ministry of Finance to prop it up. 

The greenback rose to 159.94 earlier in the session, the highest since April 29, when the yen touched a 34-year low of 160.245. That led Japanese authorities to spend roughly 9.8 trillion yen to support the currency.