* Aussie up 2 pct vs yen as Japan intervenes on US$/yen * Aussie off two-year peak on US$, Kiwi near 7-week top * RBNZ meets Thursday and seen skipping a hike this time By Mantik Kusjanto and Wayne Cole SYDNEY/WELLINGTON, Sept 15 (Reuters) - The Australian dollar jumped to a five-week peak against the yen on Wednesday, while holding not far from two-year highs on the U.S. dollar, as Japan intervened to sell its currency. The local dollar had already shot as far as $0.9457 offshore Tuesday, taking it back to heights held in July 2008 before the global financial crisis sent it crashing. Then the Bank of Japan stepped in to sell the yen in an effort to restrain its export-sapping strength, and helped lift the Aussie 2 percent to 79.55 yen . The surprise intervention was aimed at dragging the ailing U.S. dollar up from a 15-year low of 82.87 yen and proved enough to lift it to 84.85 late in the session. [ID:nECONJP] As a result the Aussie pulled back slightly on the U.S. dollar to $0.9377 , but was still ahead by 5 percent for the month so far. The next targets are highs from July 2008 at $0.9464, $0.9477 and $0.9529 and dealers are starting to talk of parity, though they have been disappointed repeatedly in the past. The New Zealand dollar likewise jumped on the yen to 62.19 , from around 60.83. But it also backed off to $0.7326, from a seven-week high of $0.7395. The U.S. dollar had been hit by talk the Federal Reserve was moving closer to more quantitative easing. "I still think the U.S. dollar weakness is going to continue. The kiwi, Aussie and euro remain a buy on dips at this stage," said Daniel Brdanovic, HSBC senior manager treasury. The kiwi was seen supported from $0.7300, with resistance at the late July high of $0.7397, ahead of the 2010 high of $0.7447. That was still a marked turnaround in fortunes as the kiwi had been as low as $0.7268 this week following data which showed housing and retail spending weak. [ID:nSGE68C05L] [ID:nWEL004161] The kiwi shrugged off expectations that the Reserve Bank of NZ will keep rate steady on Thursday in the face of a sluggish recovery and shocks such as the Sept 4 earthquake. Market pricing sees only a 2 percent chance of a rate hike. "A lot of it has already been priced in. Nobody is expecting a rate hike and most people have taken out rate hikes for the rest of the year," Brdanovic said. A Reuters poll sees cash rate at 3.25 percent at end of the year. [NZ/POLL] The risk for the market would be if the central bank comes out with a rather hawkish statement. NZ debt <0#NZTSY=> was firm, with yields 1 basis points lower in the short end. Australian data out Wednesday were mixed, a change from the recent run of uniformly upbeat news. A measure of consumer sentiment surprised by falling 5 percent even though recent economic news had been very positive. [ID:nSDYFKE6FD] Yet the level of confidence was still historically high and consistent with economic growth above 3 percent going forward. New home starts rose a modest 0.8 percent in the second quarter but only because the previous quarter was revised up strongly to show an increase of 9.1 percent. The level of new homes starts topped forecasts at a six-year high, which should underpin construction for a while yet. The market is now looking to a speech by RBA Assistant Governor Philip Lowe on Thursday titled "The Development of Asia: Risk and Returns for Australia." Australian three-year bond futures were off 0.030 points at 95.230, while 10-year futures eased 0.020 points to 94.915.

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