LOL funny.
and then in the not so funny dept....
Top Financial News
Wed, 13 Oct 1999, 6:43am EDT
Bank of Japan to Begin Outright Purchase of Bills to Try to Halt Yen Gains
By Mayumi Otsuma
Tokyo, Oct. 13 (Bloomberg) -- The Bank of Japan will start
the outright purchase of short-term government securities, policy
makers decided, a move which may boost the supply of money and
snap the four-month rise in the value of the yen.
''The Bank of Japan decided, in maintaining its 'zero-
interest rate policy', to flexibly use a wide-range of money
market operations so as to assure a further permeation of the
effect of monetary easing, paying due consideration to
developments in financial markets, including the foreign exchange
market,'' the board said in a statement.
The board also decided to expand the range of securities
available for repurchase operations. The BOJ will sell two-year
bonds for repurchase operations, effective immediately.
The bank also said it's ready to inject more money into the
banking system to prevent an increase in interest rates before
the end of the year, amid expectations the price of money will
rise because of concern computers may not recognize the year
2000, causing disarray in money markets.
The shift in policy could end the yen's rally, which took it
to a 44-month high 103.20 to the dollar last month. A weaker yen
will help make Japanese exports more competitive, and keep the
economy's recovery on track. The yen was little changed after the
announcement at 106.70 beforehand.
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