Japans Jiji Press quoted Bank of Japan Governor Satoshi Sumita as telling Japanese reporters the central bank will continue determined market intervention to prevent a further rise in the value of the yen. Sumita who is attending an annual meeting of the Asian Development Bank also said he does not think the yen will continue to rise Jiji reported. He said the Bank of Japan is keeping close contact with other major industrial nations on concerted market intervention Jiji said. He said coordinated intervention is the only way to stop the dollar from dropping too fast Jiji said. The dollar fell below 138 yen today.
SUMITA SAYS FURTHER YEN RISE UNLIKELY - JIJI PRESS