Yen tumbles to new 20-year low at 129 level vs. U.S. dollar

The Japanese yen tumbled to a new 20-year low in the 129 zone against the U.S. dollar on Wednesday, as the unit continued to fall on the prospects of a further widening in the interest rate gap between the two countries.The yen dropped to around 129.40 to the dollar in the morning on a rise in the yield on the benchmark 10-year U.S. Treasury note, marking the Japanese currency's weakest level against the dollar since April 2002. But the unit bounced back to the upper 128 level as investors locked in profits.The Japanese yen has fallen rapidly in recent weeks, having declined to the 120 leve…READ FULL ARTICLE