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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (28883)9/20/1999 3:21:00 AM
From: IQBAL LATIF  Read Replies (2) of 50167
 
BOJ May Allow Rise in Money Supply to Weaken Yen, Yomiuri Says
9/19/99 4:3

for me a good test for Yen 106.20 is an ocassion for a higher pop to 110..the trade of last week at 104 was covered at 107.20 on Friday morning in Kuwait, now looking to reenter with new objective if 106.20 holds or old high of 107.80 is taken out..

Tokyo, Sept. 19 (Bloomberg) -- The Bank of Japan plans to
boost the nation's money supply ahead of its policy meeting
Tuesday, paving the way for the United States to join in selling
yen to curb the currency's rise against the dollar, the Yomiuri
newspaper reported, without citing sources. The central bank will
probably inject more funds into the interbank money market
through its daily open-market operations or buy short-term
government bonds held by financial institutions. U.S. authorities
have suggested that, as a condition for U.S. help on pushing the
yen down, Japan should conduct ``unsterilized' yen sales,
meaning that the central bank should not buy up yen in its money
market operations after selling yen on the currency market, the
report said.
Japan's Finance Minister Kiichi Miyazawa on Friday said
Japan can't stem the yen's rise by itself and that senior U.S.
and Japanese officials discussed joint yen sales in Washington
Thursday.
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