BoJ still to intervene despite August respite

Some had speculated that US Treasury secretary John Snow’s visit to Japan this week might have caused the BoJ to refrain from intervention. But analysts still expect the BoJ to act if the yen reaches 115. "It would be an interesting political situation," said Tony Norfield, global head of FX research at ABN Amro in London. "We expect them to intervene to stop it going through 115."

Lara Rhame, FX economist at Brown Brothers Harriman in New York, agreed: "There has been a lot of talk that the