The yen has fallen from a four-month high against the dollar this morning (July 9th), as forex traders take stock of technical data showing gains were excessive, as well as the news that Japanese importers have been selling the currency.After surging three per cent in the past five days, the yen declined against all 16 major counterparts this morning, with traders correcting a rally deemed to be excessive."The yen's surge was very fast, so a correction of this is under way. There's also talk of importers and bargain hunters who are selling the yen," said Nobuaki Kubo, vice president of foreign exchange in Tokyo at BBH Investment Services, speaking to Bloomberg.Traders are also reacting to a new report from the International Monetary Fund which improves its projections for global economic recovery next year.Currency risk managers were emboldened by the announcement and made the move out of low-yield currencies such as the yen and the dollar and into riskier, but potentially more profitable, stocks.The yen advanced yesterday on persistent concerns that economic recovery would not be as swift as traders had hoped.