The yen weakened from near its postwar record against the dollar and the Swiss franc fell amid speculation policy makers in both countries will seek to curb gains in their currencies that are hurting exporters.

The yen dropped the most in two weeks after Japan's Finance Minister Yoshihiko Noda said he's ready to take decisive steps after the currency strengthened to 75.95 against the greenback on Aug. 19. Most Swiss support intervention by the Swiss National Bank to curb gains in the franc, SonntagsZeitung reported yesterday, citing a survey. The euro gained for a second day against the dollar as European stocks rallied.

“One of the big drivers for these two currencies has been the heightened speculation of imminent intervention by the Japanese and Swiss authorities,” said Lee Hardman, a currency strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London. The yen “probably has the most potential for upside out of the two currencies. The biggest risk to that would be another bout of coordinated, multilateral intervention to weaken the yen.”