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To: Zardoz who wrote (50174)	3/8/2000 7:36:00 AM
From: long-gone	Respond to of 116818

FOCUS-Japan intervenes as yen hits 5-week high (Recasts, updates throughout) By Tamawa Kadoya TOKYO, March 8 (Reuters) - Japanese authorities intervened on Wednesday for the first time in two months, selling yen for dollars in a bid to protect the country's fragile economy from a resurgent yen after it hit a five-week high against the dollar. Government officials confirmed the action, which drove the dollar back up to the previous day's levels, but dealers said Japanese authorities would need to show more resolve if they wanted the dollar and euro to climb even further against the yen. The Bank of Japan's unexpected foray into the exchange market was expected to help quash attempts by speculative operators to take the yen sharply higher, especially before book-closings as Japan approaches the end of its fiscal year on March 31. The Bank of Japan (BOJ), which acts as the government's agent, was detected buying dollars for yen around the 106.30 to 106.80 yen levels. It was also rumoured buying above 107 yen.(cont) biz.yahoo.com