TOKYO (AFX-ASIA) - The yen was weaker in midmorning trade having reached the upper end of recent ranges, with concern over possible intervention and a lack of momentum helping to put the currency under pressure, dealers said. Finance Ministry senior deputy director-general Zenbei Mizoguchi told AFX-Asia earlier that the ministry is ready to take appropriate action in the market against any signs of excessive strength in the yen. "We are closely watching the market movements. If there are signs of a sharp rise in the yen against the dollar, we will take appropriate action," Mizoguchi said. Bayerische Hypo und Vereinsbank foreign exchange manager Yo Yoshida said the market was relatively calm, with investors reluctant to make further moves from current levels. "People are watching the shares of Asahi Bank, which broke 100 yen," she said, noting concerns over prospects for the bank, adding that otherwise: "There are some small offers (to buy dollar) from exporters." The yen weakened after reaching the top of its recent ranges on major crosses, with little incentive to buy the currency further while the possibility of intervention by Japanese authorities continues to threaten. Yoshida said there were few incentives to push key cross rates further. "Our clients are not eager to buy from here," she said, noting the euro had already pushed down to the 108.30 yen level.