TOKYO -- The yen has sharply reversed direction against the dollar after hitting historic lows as speculative traders close out short positions before the upcoming holidays.
The yen continued to surge on Tuesday, pushing into the lower half of the 147 range to the dollar and strengthening to a level not seen since mid-September. After the yen weakened to the upper 151 range on Nov. 13, the Japanese currency has gained 4.70 yen per dollar in roughly a week.
