Yen gains after hitting 38-year low, traders on intervention watch

The yen edged back slightly Thursday after hitting a 38-year low against the dollar, putting investors on alert for a possible intervention by Japanese authorities, while investors awaited US inflation data that could spark another round of volatility. Billions were pumped in to support the yen after it hit a 34-year low of 160.17 in late April, but with limited effect.