Traders active on MoF retreat

Traders and analysts agreed that the yen is set to rapidly appreciate during April. But traders were loath to suggest that it is a one-way bet, as the MoF can still sell vast amounts of yen at any time. As a result, the upside for the currency will be explored tentatively, they said.

Violent moves in dollar/yen, which saw a fall from 105.92 to 103.42 on Wednesday (March 31), followed a week of speculation as to the future of Japanese currency intervention. This was prompted by reports in The