The government intervened heavily in the foreign-exchange markets by setting prices and controlling access to foreign exchange.

The dollar steadied as European central banks intervened heavily in currency trading.

And the Bank of Japan intervened heavily in the currency markets to try to halt the dollar's rise against the yen.

And in all three cases, foreign central banks intervened heavily to buy dollars to prevent their currencies from appreciating.

The continental European approach has been to have Government intervene heavily in the wage-setting process and seek to preserve the existing pattern of employment.

That is substantially down, and it is because the G-7 countries have begun to intervene heavily against the dollar.

Currency traders have said that the central banks intervened heavily last week to keep the dollar from falling too rapidly.

The Bank of Japan intervened heavily in the market to stabilize the dollar somewhat.

The Bank of Japan intervened heavily, selling as much as $1.5 billion, but that had little effect.

The government therefore continued to intervene heavily in foreign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to float.