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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 692.12

-0.3%

Feb 10 4:00 PM EST

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To: Fun-da-Mental#1 who wrote (22209)	8/5/1999 11:13:00 AM
From: Les H	Read Replies (1) of 99985

1998 Redux? Hedge funds getting wary on yen carry trade-Hayami Tuesday August 3, 1:42 am Eastern Time TOKYO, Aug 3 (Reuters) - Bank of Japan (BOJ) Governor Masaru Hayami said on Tuesday that overseas hedge funds were becoming cautious about yen carry trades, in which they borrow yen outright at low interest rates to invest in dollar-based assets. Hayami said such a change in hedge funds' strategy, coupled with Japan's vast current account surplus and net assets overseas, as well as recent active buying of Japanese stocks by foreign investors, had been leading to the yen's recent strength. ''Capital flows (into Japan) have exceeded capital outflows,'' Hayami told parliament. Hayami declined to comment on recent movements in the dollar/yen rate or currency intervention, saying foreign exchange is a subject for the Finance Ministry.

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