The yen's rally is driven largely by some profit-taking by shorts after Japanese currency has been battered in recent weeks, says Marc Chandler of Brown Brothers Harriman. US new home sales did disappoint, but account for a small portion of the housing market compared with existing home sales, so that likely only had minimal impact on dollar-yen trading, Chandler says. He also notes the market is inclined to buy other major currencies against the dollar on dips because of worries about the US fiscal cliff. USD at Y81.77 from Y82.15 late Tuesday, according to EBS via CQG.
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