The FX markets experienced a surge in activity last week when the Japanese yen slipped markedly against the US dollar. Dealers viewed comments made by Japanese officials as a green light to sell the yen and the currency fell to its lowest level in two months. Market observers say dealers in the Asian and European markets led the move, rather than the US. The dollar's rise of more than three yen on Tuesday was its biggest one-day gain in a month and pushed the currency to its highest level

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