The fourth Painleve equation P-IV is known to have symmetry of the affine W
eyl group of type A(2)((1)) with respect to the Backlund transformations. W
e introduce a new representation of P-IV, called the symmetric form, by tak
ing the three fundamental invariant divisors as the dependent variables. A
complete description of the symmetry of P-IV is given in terms of this repr
esentation. Through the symmetric form, it turns out that P-IV is obtained
as a similarity reduction of the 3-reduced modified KP hierarchy. It is pro
ved in particular that the special polynomials for rational solutions P-IV,
called Okamoto polynomials, are expressible in terms of the 3-reduced Schu
r functions.