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FOREX-Markets wary of intervention as yen struggles at 155 level

The yen was pinned on the weaker side of 155 per dollar on Thursday as the Bank of Japan (BOJ) kicks off its two-day rate-setting meeting, leaving traders nervous as to whether Tokyo will intervene while policy deliberations are still underway. Having traded in a tight range over the past few days, a buoyant dollar finally broke above the 155 yen level for the first time since 1990 in the previous session, and was last steady at 155.34 yen in early Asia trade. Intense speculation of intervention from Japanese authorities to shore up the yen had hampered the dollar's ascent towards the psychologically key level, seen by some market participants as a line in the sand that would prompt Tokyo to take action.