Reuters Published May 1, 2024 NEW YORK: The yen stumbled against the dollar on Tuesday, relinquishing some of its sharp gains in the prior session sparked by suspected intervention by Japanese authorities, while a flurry of US economic data largely supported the dollar. The yen weakened 0.66% against the greenback to 157.35 per dollar, but was still off its 34-year low of 160.245 hit on Monday when traders say yen-buying intervention by Tokyo drove a strengthening of about five yen. The dollar index gained ground after economic data showed US labour costs increased more than expected in the first quarter amid a rise in wages and benefits, confirming the surge in inflation early in the year that will likely delay a much- anticipated interest rate cut later this year. “The trend is still higher for dollar/yen, we really have to see either policy divergence sort of converge a bit, have the US bond market catch a more sustainable bid that takes dollar yen further off the highs, maybe produces a couple of weekly lower lows or some change in rhetoric from the BOJ, but I think it has to be the latter,” said Erik Bregar, director of FX and precious metals risk management, at Silver Gold Bull in Toronto. Japanese officials may have spent some 5.5 trillion yen ($35.05 billion) in supporting the currency on Monday, Bank of Japan data suggested on Tuesday.The Bank of Japan (BOJ) on Tuesday left its plan for monthly bond buying unchanged for May. Japan’s government bond (JGB) investors are looking for…