Japan's MoF steers clear of intervention

"The Japanese are trying to move towards a freer market with greater transparency," said James Gow, managing director and co-founder of forex trading platform FX Online Japan. "Although in the short term this might hurt here and there, it should be advantageous in the longer term."

The MoF's restraint stands in strong contrast to its record spend of ¥21 trillion ($198 billion) in 2003 and a ¥14.9 trillion ($141 billion) outlay in the first quarter. Intervention was intended to limit the yen's

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