Forex: USD/JPY briefly dips below 93.00

The USD/JPY tumbled at the beginning of the New York session and lost over 120 pips from highs after a G7 official said the statement was misinterpreted as it signaled concern about excess moves in the yen. Earlier, the statement had been interpreted as an acceptance of further weakness in the Japanese currency.

USD/JPY briefly dipped below the 93.00 mark to hit a low of 92.94 before finding support and recovering slightly. At time of writing, USD/JPY is trading around 93.20, 1.1% below its opening price, having hit a 33-month high of 94.44 late Monday.