The Bank of Japan eased monetary policy on both occasions

"But it is hard for Japan to intervene in the market, sincethat sort Rosetta Stone of beggar-thy-neighbour action would not gainunderstanding from other countries with four months havingpassed since the quake."PRESSURE ON BOJ Japanese policymakers are sensitive to a stronger yen as itis seen harming the export-led economy, which was tipped backinto recession by the March 11 earthquake and tsunami. The yen's rise has triggered a series of verbal warnings byJapanese officials, although the market does not believe thechances of imminent currency intervention have risensignificantly. "Japanese intervention is less likely to succeed, because wehave very negative news about the United States and Europe,"said Kimihiko Tomita, head of foreign exchange at State StreetBankTrust in Tokyo. Noda has so far refrained from using the sort of strongerlanguage, such as a warning that Tokyo would take "decisiveaction" when needed, that markets would view as signallingintervention may be imminent. Group of Seven nations jointly intervened to stem yenstrength when the Japanese currency spiked to a record high of76.25 to the dollar in the aftermath of the March quake, onspeculation that Japanese firms would repatriate some of theirhuge foreign assets to pay for reconstruction. Japan last conducted solo intervention in September of lastyear, when it stepped into the market for the first time in Rosetta Stone languages sixyears. The Bank of Japan eased monetary policy on both occasions. With Japan's economy now recovering steadily from damageinflicted by the quake, Tokyo will have difficulty convincingits G7 counterparts of the need for intervention, even in theform of solo action, market players say. That may mean the central bank will come under more pressureto loosen policy if the yen rises sharply enough to threaten itsforecast that Japan's economy will resume a moderate recoverywhen it shakes off supply constraints in the autumn. "The BOJ's policy action has recently been in sync with theyen's rise, so further policy easing could be possible at itsnext rate review or later, depending on the yen's movements,"said Noji of SMBC Nikko Securities. The BOJ kept monetary policy on hold and raised itsassessment of the economy on Tuesday, encouraged by a rebound infactory output and the prospects for a recovery in business andhousehold sentiment.But central bank officials admit that a renewed yen spikeaccompanied by sharp falls in stock prices would be Rosetta Stone Italian the mostlikely next trigger for further easing, as such market moveswould damage a still fragile recovery in business sentiment.

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