Analysts estimate Japan's central bank has sold US$20 billion worth of yen on four days from May 22 to June 4 on concern its ascent against the dollar this quarter will erode the profits Japanese exporters earn on overseas sales.
The Bank of Japan's yen sales "haven't been very effective -- the overall market force driving the currency higher is too strong," said Banc One's Shin. After each of four rounds of selling in the past month, "the yen has recovered," and will probably rise to Japanese yen 120 per dollar within a month, he said.
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