By James Ramage
The yen rose against the dollar and the euro shortly after noon on Wednesday, in a move analysts and traders said could have resulted from an erroneous trade.
The dollar fell 0.5% versus the yen, to 101.77 yen from Y102.30, before rebounding to Y102.15. The euro dropped 0.3% versus the Japanese currency, to Y136.22 from Y136.68, before recovering to Y136.52.
Some analysts attributed the jump to a mistake by a currency trader, noting that there was no obvious catalyst for such a sharp move and the yen quickly gave up much of its gains. Dollar-yen futures saw a steep increase in trading volume at 12:15 p.m. EDT when the move occurred.
Others noted that the dollar had traded near four-month highs against the yen recently, making it ripe for a sudden pullback.
Write to James Ramage at firstname.lastname@example.org
(END) Dow Jones Newswires
August 06, 2014 13:54 ET (17:54 GMT)
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