Greenback falls against yen

London

THE US dollar fell against the yen on Thursday as expectations faded that the Bank of Japan would deliver the radical stimulus package some had expected this week, and after the US Federal Reserve stopped short of flagging a near-term rate rise.

Expectations for action are still high, nevertheless, and the price of hedging against big swings in the dollar/yen exchange rate over the next 24 hours surged above 50 per cent for the first time since late 2008.