Yen rises to fresh all-time high versus U.S. dollar

NEW YORK, March 16 Wed Mar 16, 2011 5:03pm EDT

NEW YORK, March 16 (Reuters) - The dollar dropped to a fresh record low against the yen in late New York trading on Wednesday as concerns escalated over a nuclear crisis in Japan.

The dollar fell as low as 79.56 yen on trading platform EBS JPY=EBS. The previous record low was 79.75 yen set in April, 1995.

Traders are nervously watching if the Bank of Japan will intervene in the currency market to stem yen gains. A stronger currency makes Japanese exports less competitive and hurts the economy. (Reporting by Wanfeng Zhou; Editing by Chizu Nomiyama)