Atsushi Takeuchi, a former Bank of Japan board member who took part in Tokyo's
intervention over a decade ago, said the US and Japan would "definitely" carry
out joint intervention if the yen shows renewed weakness. He called the prior
US-Japan action highly effective and said it created market consensus that the
yen will not continue to weaken unilaterally; he sees USD/JPY trading in a
155-162 range near term and said he would not bet on USD/JPY if he ran a hedge
fund. Takeuchi added that if the yen holds above 160 for about a week markets
would treat that as a short-term bottom and begin to push the currency stronger.
