The Bank of Japan intervened buying dollars shortly after the opening of 137.70 yen dealers said. Strong selling from life insurance companies and investment trusts pressured the dollar downward but the U.S. Unit steadied on profit-taking buying by petroleum companies and intervention by the central bank. The dollars upward potential looks limited as forward dollar selling by exporters for commercial purposes is expected above 137.80 dealers said.
BANK OF JAPAN INTERVENES IN TOKYO BUYING DOLLARS