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To: Gersh Avery who wrote (6722)	9/10/1999 6:11:00 AM
From: MonsieurGonzo	Read Replies (3) of 11051

Gersh:" Yen:Yank T+3 " Bank of Japan intervenes to check yen rally biz.yahoo.com "...chief analyst at the Foreign Exchange and Treasury Division of Bank of Tokyo-Mitsubishi, said the BOJ's dollar purchases could be defined as a 'smoothing operation' ... It was more aimed at making some opportunity for pent-up dollar sales demand to be exhausted in the market." "...executive manager of the International Treasury Department at the Industrial Bank of Japan, said: With dollar purchases today, the BOJ is simply giving exporters a chance to sell the dollar ... Local (Japanese) exporters have not yet sold as many dollars as their commercial needs warrant, bankers said. They have to convert dollars into yen to settle (surplus current account / U.S. trade deficit) export profits in yen terms." biz.yahoo.com "...The BOJ was estimated to have bought $2 billion in intervention on Friday," (last night), "meaning the yen the BOJ sold will flood the interbank market on Tuesday." -Steve

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