Japanese authorities are relying heavily on psychological tactics to fight yen bears, which means keeping markets guessing about their foreign exchange intervention rather than overt attempts to arrest the currency¡¯s decline to multidecade lows.
The battered yen has whipsawed in recent weeks, which analysts and traders attribute to government efforts to prop up the currency against a relentlessly strong dollar, amid worries about the negative economic impact of sharp yen declines.
The yen was trading in the ?149 level to the dollar on Tuesday in Tokyo.
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