'Free' Markets

"Japanese exporters today sold the dollar around its early high of 108.28 yen, and losses accelerated once the U.S. currency fell through 108 yen, where some traders had pre-set orders to sell, said Luke Waddington, head of interbank currency sales in Tokyo at Royal Bank of Scotland Group Plc.

``Once the dollar got through 108, stop-loss orders kicked in,'' Waddington said.

Traders typically place automatic orders to buy or sell the currency to limit losses in the event bets go the wrong way."