“The Japanese authorities probably won’t step in unless we see an acceleration of the move below 85” yen per dollar, said David Deddouche, a foreign-exchange strategist in Paris at Societe Generale SA. “But traders will try to test that level in the coming days.”
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The last intervention took place on March 16, 2004 when the Bank of Japan sold 67.8 billion yen ($782 million) for dollars, according Derek Halpenny, European head of currency strategy at Bank of Tokyo-Mitsubishi UFJ Ltd.