Yen Dives as BOJ Plays Down Chance of Hikes, Soothing Markets

CURRENCY - SINGAPORE. The yen dropped on Wednesday after an influential Bank of Japan official played down the chances of a near-term rate hike, soothing investors' concerns that a further jump in the Japanese currency could again rock global markets.

The yen fell around 2.5% to a session low of 147.94 per dollar following the comments from BOJ Deputy Governor Shinichi Uchida. The dollar was last up 1.7% at 146.79 yen.