The dollar could snap out of its current range between 132 yen and 135 yen in mid-March and test the 140 yen line toward the close of fiscal 2001.
A seasonal pickup in dollar receipts by Japanese banks and institutional investors from their overseas operations is currently keeping the yen afloat, but sales of dollars for yen ahead of the March end of the fiscal year may soon abate.
Japanese institutional investors usually begin gearing up for increased dollar purchases toward the close of a fiscal year and beyond.