The yen neared a record peak against the dollar on Wednesday, but analysts say expectations Japan will intervene to weaken the currency if it gets much stronger may provide a good opportunity to buy the greenback. The dollar hit a four-month low of 80.33 yen after a European official said Japanese efforts to contain radiation levels from a damaged nuclear power plant were "effectively out of control."
The euro fell 0.5 percent to $1.3925 and the Swiss franc, a traditional safe haven, hit a record high against the dollar for fear Japan's woes will hurt global growth.