The Japanese yen strengthened against the U.S. dollar, reaching a new intraday high after Japan's Finance Minister Shunichi Suzuki stated that authorities were prepared to take "bold action" against exchange rate movements not aligned with fundamentals.
The USD/JPY pair initially fell 0.6% to 156.88 before paring about half of its losses.
The Bloomberg Dollar Spot Index declined 0.3%, heading for its biggest single-day drop in over a week.
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