Yen Falls From 15-Month High

The Yen tonight has retreated from a 15-year high against the dollar on speculation the Bank of Japan and the nation's government will intervene to stem the currency's advance.

The Yen is seen as a safe-haven trade during times of economic turmoil and low growth.

Japanese Finance Minister Yoshihiko Noda told reporters in Tokyo he is prepared to take appropriate action on currencies when necessary.

The Bank of Japan may add to monetary easing and the Ministry of Finance may consider intervention if speculators drive up the currency by several yen in a day.

The Nikkei is down 1.0% tonight to 8,905 after briefly dropping as low as 8,889, it lowest since May 1, 2009.