TOKYO (AFX-ASIA) - The yen continued higher against the dollar in midafternoon trade on extended buying from exporters, dealers said. However, the yen turned top-heavy at around the 118.70 level during afternoon trade on intervention concerns, they said. MMS Asia Pacific forex analyst Hiromi Ookawara said he is skeptical about actual intervention by the Ministry of Finance, despite Finance Minister Masajyuro Shiokawa's comments earlier today. Shiokawa said intervention remains an option for the government if the weakening of the dollar/yen market accelerates. "Overseas, some people are speculating that the MoF will step in at around 118.50 level," he said. "But, due to the economic slowdown, the US cannot keep its strong dollar policy anymore. If you consider this, it is pretty unclear whether Japan's MoF can (actually intervene)," Ookawara said. Ookawara said that current trend of a weak dollar against the yen will continue, adding that the dollar/yen will move in the range of 115.00-120.00 level next week. He said that Tokyo trade next Monday will become very thin, due to a US holiday on that day, adding that even minor news could have a major impact on the forex market here. The euro was little changed after initially gaining after the expected 25 point basis rate cut by the European Central Bank, dealers said. Ookawara said the rate cut was positive to the euro, adding that the euro is expected to reach the 0.9300 level against the dollar. "In addition, the euro will be well supported by the falling dollar," he said. However, investors are still skeptical whether a further rate cut by the ECB could be carried out without difficulty.