yen for the first time since May as markets continued to test Japan's resolve to halt the yen's export-harming rise. By 1120 GMT, the dollar had fallen as far as 115.27 yen , with markets betting the Bank of Japan would not intervene to weaken the yen ahead of a meeting of Group of Seven industrialised nations this weekend. Investors are wary that the United States will chastise Japan for its intervention policy at the G7 meeting in Dubai, and that if Japan stands away from the market, the yen will rally sharply. "115.50 was a very important level where an option trigger was, and it was taken out. Japanese and German names were selling it. No signs of authorities yet, and people are interested in buying downstrikes at 115.00," said a London-based trader.