For the first time in more than a decade, foreign-exchange traders are confident the Bank of Japan won’t intervene in the currency market, paving the way for the yen to extend its biggest rally since 2000.

Japanese authorities sold the currency on all four occasions since 1995 when the yen approached the 100 to the dollar mark in a bid to support exporters from Toyota Motor Corp. to Sony Corp. When the yen strengthened to an eight-year high of 101.43 last week, Finance Minister Fukushiro Nukaga stopped short of signaling that officials are concerned, only saying the government needs to watch currency moves “carefully.”

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