The Foreign Exchange trade was dominated by the euro and the Japanese yen on Wednesday, the dealings having an effect on both the euro and the U.S. dollar, and the U.S. dollar and the yen.
A report from Nikkei news said Japan's Ministry of Finance was aggressively targeting a lower yen (without intervention of course) and saw the dollar and the cross begin their moves higher. Fund accounts were seen behind much of the interest. Stop loss buying along with spec account coat-tailing amplified the move as well.
The dollar came within a hair of 2001 highs against the yen, while many now are thinking further gains may be in the cards for the remainder of December.