Yen expected to remain weak as long as Greek package is implemented
Intervention by the Japanese government and the Bank of Japan (BoJ) to weaken the yen earlier this week appears to have had the desired effect, and foreign exchange strategists and traders believe USD/JPY is unlikely to sink back to the record levels seen in recent weeks.
Japanese authorities are estimated to have sold close to ¥8 trillion ($104 billion) on October 31, making it the country's largest one-day operation. USD/JPY rose from 76 to 79 in intraday trading on the day of the intervention
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