Japan says will continue currency intervention

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Japan's Ministry of Finance (MOF) says it will continue its foreign exchange intervention, shrugging off a report in the Times that Tokyo will stop its massive forays into the currency market.

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"We have been intervening all along based on the Boca Raton statement -- that excessive volatility and disorderly movements are undesirable -- and we will continue to do so if necessary," the official said.

Japan has conducted more than 30 trillion yen (157 billion pounds) of yen-selling intervention since the start of last year in a bid to rein in the buoyant yen. However, the yen still rose to 3-1/2-year highs near 105.10 to the dollar last month, up more than 10 percent from lows near 120 set last August.

The large-scale intervention has drawn criticism from some of Japan's global trade partners and is also seen as unsustainable over the long run, leading to persistent speculation in the market that Tokyo will at some point have to at least scale back its market activity.

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