BANK OF JAPAN INTERVENES TO STEM DOLLAR FALL
The Bank of Japan intervened in the
market to keep the dollar above 149 yen but the unit was under
strong selling pressure by an investment trust, dealers said.
    The central bank stepped into the market when the dollar
fell towards 149.00 yen, but a trust bank aggressively sold
dollars to hedge currency risks, and the Bank intervened again
at 149.00, they said.
    The trust bank apparently changed its earlier view that the
dollar would rise and started selling relatively large amounts
of dollars, pushing the unit down to 148.80 at one point,
brokers said.
    One dealer estimated that the Bank bought 400 mln to 500
mln dlrs as it tried to keep the U.S. Currency above 149 yen.
 REUTER
