January 10, 2018 / 10:56 AM / in a month

Dollar plummets 1.2 pct against yen as selloff intensifies

LONDON, Jan 10 (Reuters) - The dollar fell as much as 1.2 percent against the Japanese yen on Wednesday to hit a six-week low, as investors unwound short-yen bets after the Bank of Japan’s move to trim its long-dated government bond purchases earlier this week.

The selloff, which kicked off on Tuesday, gathered force on Wednesday, setting the dollar on track for its biggest two-day drop in nearly eight months.

The dollar traded as low as 111.30 yen, its weakest since Nov. 28.

The yen also gathered steam on the crosses, posting chunky gains against sterling and the euro . (Reporting by Tommy Wilkes and Saikat Chatterkee; Editing by Jemima Kelly)

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