Bank of Japan intervention set to continue

The Bank of Japan, on behalf of the Ministry of Finance, spent a total of ¥2.3867 trillion ($20.5 billion) over 17 sessions, usually buying dollars for yen, but buying euros on seven occasions.

The intervention spree continued last week, with market participants reporting heavy intervention late in the week. "The action was largely through Japanese banks and was fairly aggressive," said Tony Norfield, global head of FX research at ABN Amro. "There were strange bids at the 116 level, which is