TOKYO, Mar. 31, 2009 (Kyodo News International) -- Japanese currency authorities did not step into foreign exchange markets in March, extending the record for non-intervention to a whole five years, the Finance Ministry said Tuesday.

The last time the ministry stepped into currency markets via the Bank of Japan was in March 2004.

The U.S. dollar traded in the 97 yen and 98 yen levels during March, compared with the 87 yen range in December, which prompted Japanese businesses to urge the authorities to intervene.

Japanese authorities, including then Finance Minister Shoichi Nakagawa, refrained from doing so in December, while saying they were monitoring currency market developments closely.

Looking ahead, Osamu Takashima, chief currency analyst at the Bank of Tokyo-Mitsubishi UFJ, said it is possible that the authorities will step in if the yen appreciates further and if ''the United States signals its toleration in order to ensure a smooth sale of U.S. Treasury bonds.''