Instant View: Yen jumps against the dollar, traders alert to Japan intervention

LONDON, July 30 : The yen rose sharply against the dollar on Thursday, in a move so rapid and large in its scale that it alerted traders to the prospect of intervention by Japan to prop up its weak currency. Markets have been on alert for yen-buying by Japanese authorities, who have warned of action for months as currency weakness exacerbates the cost-of-living impact of rocketing energy import prices.The yen is trading near 40-year lows against the dollar, pressured by Japan's relatively low interest rates and as higher energy prices hit the nation's terms of trade.Dollar/yen was last trading at 158.61, down almost 3 per cent on the day. The yen also jumped against the euro, sterling and Australian dollar. COMMENTS:NEIL JONES, MANAGING DIRECTOR OF FX SALES AND TRADING, TJM, LONDON:"The 40