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Yen surges back after hitting 34-year low as stocks rally

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The yen slipped to 160.17 to the greenback in volatile morning trade, with liquidity thin amid a holiday in Japan, stirring speculation that authorities would intervene to arrest its slide.

The yen has swung wildly as it surged soon after hitting a fresh 34-year low against the dollar.

"I have no comment at this time," Masato Kanda, Japan's vice minister of finance for international affairs, told reporters at the ministry after the yen's sudden rise. Officials have repeatedly said they are ready to step in if there are wild movements in the exchange rate, citing speculators as a key issue."Expectations of intervention having a sustained impact may disappoint given macro fundamentals do not support a sudden shift to a hawkish monetary stance," said National Australia Bank's Tapas Strickland.

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