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The yen fell on Wednesday, as the the Australian dollar surged due to faster-than-expected economic growth and a moderate rebound in China's PMI figures. The data improved investor appetite for risk.
The yen extended losses after Japanese ruling party powerbroker Ichiro Ozawa, challenging Prime Minister Naoto Kan in a party leadership vote, said he would implement steps including intervention if the yen rose sharply. Talk of dollar buying by Japanese investors at levels near 84 yen also helped push the yen lower. The currency has shrugged off this week's monetary easing by the central bank, and is still hovering near a 1-year high of 83.58 yen.