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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Step1 who wrote (1765)	6/14/1999 9:54:00 AM
From: Henry Volquardsen	Read Replies (1) of 3536

Stephan, a couple of things. the big background issues is concern about Japanese corporates repatriating funds to clean up their balance sheets. on a more specific current issue there are two points. the big Japanese insurers bet heavily on the Euro bond markets. Recently the regulatory agency that covers insurers told them they were overexposed and should scale back. This has been a big contributor to the weakness of the Euro and the strength of the yen. caught up in the unwinding of these insure holdings were some large yen carry trades that have been unwinding. Henry

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