I do not think the ministry will actually interfere in he markets. But other central banks such as Korea's may do so, helping the dollar rebound.

With the huge amount of money that Japanese sent abroad, repatriation flows could have a major effect on the dollar-yen through March.

The dollar remains firm, as the absolute U.S. interest- rate advantage still continues to exist. Rates hikes by the BOJ are a long way off.

Strong figures will boost expectations of higher growth in consumer spending in the U.S.. That will heighten expectations of at least two more rate hikes from the Fed, supporting the dollar.

I think perhaps it's a relationship that's not marked by a great need to interfere with each other all the time,

We think that almost all central banks in the region are likely to take a breather from the rate hike cycle around the summer of 2006.