The U.S. dollar was traded almost change against the yen on Monday during the Asian session. However, traders in Tokyo say that the lingering risk aversion is likely to face the greenback to levels that may portend an intervention from the Government of Japan."Foreign exchange market was quiet until now because there are not many new and exciting events, but given the fact that a lot of offers for sale is located near the mark of 81.00, remains a tendency to decrease / pair dollar / yen /", - said Hiroshi Maeba, senior dealer at Nomura Securities.
As at 05.50 GMT on the interbank market, the dollar / yen was trading at 80,62-66, the euro / dollar - at 1,4375-77, the euro / yen - on 115,90-95, a pair of British pound / dollar - by 1,6384-88, and the pair dollar / Swiss franc - on 0,8751-58.
Traders said the negative attitude to the U.S. market was particularly noticeable after the publication last Friday of data on the number of jobs outside agriculture in the USA.
This report, is perhaps the most important indicator for the currency market was much stronger than the consensus forecast. However, U.S. currency was unable to grow following the publication of the data and remained near levels at which it traded before they are released.
The dollar / yen is likely to fall below the level of 80.00 and possibly aim at a record low 76.25, notes Maeba of Nomura Securities. But he adds that the rate of decline in the pair will be gradual due to the fact that Japanese institutional investors continually buy non-Japanese assets to strengthen their investment portfolios.
The slow decline of the dollar against the yen means that Japan will be difficult to find a reasonable justification for any intervention, analysts said.
Due to the strong dependence on exports of strong yen is often considered a significant negative factor for the economy. "If we see the dollar falling below 80.00 yen, Japan should intervene in the market, even by itself," - said Yoichi Ito, senior analyst at STB Research Institute.
However, he said, the Japanese authorities are likely to have difficulties in order to find the right time for intervention, as market conditions are different from those observed in March, when Japan was last conducted an intervention in conjunction with the Group of Seven countries.
"In March there was an excessive strengthening of the yen, while right now there is a general weakness of the dollar, and the rate of decline in the dollar is much slower than two months ago," - adds Ito.
The euro rose against the dollar and the yen, mainly due to the alignment position, said Kenitiro Ikedzava, senior manager of Daiwa SB Investments.
However, he expects to resume reduce the euro amid fears about the unity of European countries that have arisen from the discussions regarding the possible release of Greece from the euro zone.
"In reality we do not believe that Greece will do it, but calls will continue to be used by speculators as a pretext for selling the euro," - says Ikedzava.
