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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Chip McVickar who started this subject	1/19/2001 4:48:22 AM
From: friverola	of 12411

Yen extends gains after Hayami remark worries bears(Reuters) The yen extended gains against other major currencies on Friday after Bank of Japan (BOJ) Governor Masaru Hayami gave a blunt warning to yen bears. Hayami, speaking to reporters after meeting economic ministers, caught the market off guard by saying the yen is too weak, although he added that he needs to monitor the market to assess what has been causing recent movements in currency rates. The comment reinforced dealers" suspicions that the Japanese authorities are reconsidering their acceptance of a weaker currency and in particular do not want to see the yen slip much past 120.00 yen. This added to damage to the dollar fuelled by surprisingly weak U.S. manufacturing data released on Thursday and a power crisis that is causing blackouts in California, sending the currency to a low of 116.95 yen from around 117.80 just before the Hayami comment. "Hayami had not commented on the dollar for a while, and the market took it as a warning against the yen"s too rapid movement," said Kaneo Ogino, head of forex trading at Hong Kong Shanghai Bank (HSBC) in Tokyo. After skidding over half a yen, the dollar hovered at 117.32/42 yen still below the overseas low of 117.63 yen and sharply down from an 18-month high of 119.90 yen hit on Thursday in Tokyo. Traders reported offers in the 117.50/60 area, which looked like containing the bounce, and most saw risks to the downside, especially if stop-loss sales were triggered under 116.90. Dealers looked to a briefing by Finance Minister Kiichi Miyazawa to see if he would respond to Hayami"s comment on the yen, but Miyazawa sidestepped the issue saying he would not give his own opinion. fxstreet.com

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