Aug. 13 (Bloomberg) -- The dollar may slide to near its weakest level in almost 40 years against the yen amid concern the global economic recovery is slowing, BNP Paribas SA said. “We’ll be heading down into the 80 level over the next few weeks,” Ian Stannard, a senior foreign-exchange strategist at BNP Paribas in London, said in a telephone interview yesterday. “I’d still be very, very cautious.” The dollar traded at 85.96 yen as of 8:12 a.m. in London, from 85.9 in New York yesterday. It dropped to 84.73 yen two days ago, the lowest since July 1995. The dollar’s weakest level since Japan scrapped a peg of 360 to the U.S. currency in 1971 came in April 1995 when it reached 79.75 yen. Japanese Finance Minister Yoshihiko Noda said yesterday the government would “monitor economic conditions carefully and respond appropriately.” He declined to discuss whether this would involve currency intervention. “I don’t believe that the market is convinced that the Japanese authorities are ready to take physical action in the market yet,” Stannard said. “At the 80 level we will see the Japanese authorities become more active, with a more aggressive verbal intervention or maybe even fiscal intervention.” To contact the reporter on this story: Stephen Morris in London [email protected] .
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