The yen strengthened to a 15-year high against the U.S. dollar as investors bet against the country's policy to limit the gains in the currency.

The yen strengthened to 83.34 per dollar, compared to 83.80 late Tuesday, The Wall Street Journal reported.

"This size gain is not enough to trigger unilateral intervention in the market," Takayuki Asahara, a dealer at Shinkin Central Bank, told The Wall Street Journal. Intervention isn't likely "unless the dollar rapidly drops below 80 yen."

Last week, The Bank of Japan extended its low-interest loan program in a bid to spur economic growth and make the yen less appealing to foreign investors. Finance Minister Yoshihiko Noda has also said the government is ready to take "decisive steps" to limit the appreciation of the yen, which make Japanese exports less attractive.

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