Japanese authorities could refrain from interventions to shore up the yen as the currency's decline has been gradual, MUFG Bank's Derek Halpenny says in a note. "The current pace of yen selling appears acceptable and if maintained could see the Ministry of Finance remain on the sidelines." The MoF's rhetoric on possible further interventions has subsided. One-month implied volatility in the dollar-yen, a measure of expected price swings in the options market, is relatively low while Japanese government bonds are stable and equities are at record highs, he says. Hence, the MoF could allow a slow grind higher in dollar-yen, he says. The dollar rises 0.1% to 162.62 yen after reaching a 40-year high of 162.83 earlier, LSEG data show. (renae.dyer@wsj.com)