Yen sharply appreciates vs. dollar amid caution over intervention

The Japanese yen appreciated rapidly to the upper 155 level against the U.S. dollar in New York on Friday amid caution over a possible yen-buying intervention by Japanese authorities.The yen was trading at 155.90 to the dollar at one point in the afternoon, after changing hands at 158.11-21 at 8:40 a.m.According to a source familiar with the situation, the Federal Reserve Bank of New York conducted a "rate check" with major banks, inquiring about the exchange market for the two currencies -- a move typically thought to precede market intervention.Growing caution over a possible coordinated …READ FULL ARTICLE