The yen rallied further away from the closely watched ?145 per dollar level Wednesday after reports the Bank of Japan conducted a so-called rate check in the currency market, a move considered a precursor for intervention.
The yen rose more than 1% to around the ?143 level against the dollar after falling to ?144.96 early in the Asian session. Around lunchtime Wednesday, Finance Minister Shunichi Suzuki said Japan wouldn¡¯t rule out any response if current trends in the foreign exchange market continued and its options included stepping into markets.
A break of ?145 would bring ?146.78 into play, the level reached before a joint Japan-U.S. intervention to support the yen back in 1998.
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