BOJ intervenes again to defend tumbling dollar

JAPAN - The Bank of Japan intervened three times overnight to bolster the dollar, spending an estimated $5 billion. This intervention, its sixth daily dollar-buying move since late May and the second this week, was in reaction to the dollar's tumble against major world currencies as a $3.8 billion accounting fraud at WorldCom was revealed which unhinged confidence in US stocks.

The Japanese currency has risen about 11.3 percent against the dollar since April 1 - a worry for the government, whi