Japan fights to keep yen down

The BoJ, on behalf of the Ministry of Finance, sold nearly ¥4 trillion ($34 billion) in May, in its biggest monthly intervention spree ever. That brings the total spend from the BoJ to around $50 billion so far this year. In that time, dollar/yen has moved between ¥120 per dollar, and 115 per dollar.

Analysts said Japanese authorities are likely to continue defending the 115 level, and that a prolonged defence may begin to deter short-term speculative traders. Without the continued interventi