SINGAPORE, May 3 Reuters Japan appears to have bought some time and respite for a tumbling yen through its latest bursts of suspected interventions, yet it has also set itself up for a protracted war with a market that views the currency as a compelling sell, analysts say.

Traders estimate the Bank of Japan BOJ spent nearly 59 billion defending the currency this week, helping to put the yen on track for its best weekly performance in over a year.

The Japanese currency is up 5 from the 34year low of 160.245 it plumbed on Monday. Tokyo is yet to confirm it had intervened.

But this week39;s rally has been anything but linear in a market decidedly bearish on the currency, given the massive gap between its ultralow yields and those in other major economies.

The yen has swung wildly during the suspected intervention bouts, gaining nearly 5 yen in a matter of minutes and relinquishing part of that speedily.

Nothing39;s actually changed, said Rob Carnell, head of AsiaPacific research at ING. I think this has provided a momentary pause in what will inevitably be tested by markets again, who will see this as free money when they take on the BOJ….

Carnell says the yen has become a trader39;s dream, as they can make easy money by simply buying dollars for yen, waiting for the pair to rise and then selling it as the BOJ steps in to support the yen.

You39;d be mad not to test it, knowing that they will step in at some stage, he said.

Before this week39;s suspected forays…