BANK OF FRANCE BUYS DOLLARS, SELLS YEN - DEALERS

  The Bank of France intervened on the
  market to buy dollars and sell yen to support the U.S.
  Currency, dealers said.
      A major French bank said it acted for the central bank in
  buying between five and 15 mln dlrs against yen.
      A dealer at another bank said his bank had been asked to
  publicise the intervention, to send a clear signal to the
  markets that central banks were acting in concert to maintain
  the exchange rates agreed to be appropriate at last month's
  meeting of the Group of Five and Canada in Paris.
      The dollar was being quoted at 6.0950/70 francs in early
  afternoon dealings after a fix of 6.09425 francs.
      The major French bank said it sold yen at a rate of 149.28
  against the dollar.
      The U.S. Currency was subsequently being quoted at
  149.25/35.
      The Bank of Japan was reported in the market overnight to
  bolster the credibility of the Paris accord following several
  days of pressure against the dollar.
      Pressure developed after U.S. Treasury Secretary James
  Baker repeated earlier statements that the Reagan
  administration had no targets for the dollar, apparently
  undermining the assumption that the agreement in Paris had
  fixed broad fluctuation ranges for major currencies.
      Baker later said his remark had been misinterpreted.
  

