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Strategies & Market Trends : MDA - Market Direction Analysis

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To: pater tenebrarum who wrote (34529)	12/1/1999 7:57:00 PM
From: Don Green	Read Replies (2) of 99985

Forex Outlook: Rift Could Re-Emerge Between Market, BOJ Thursday, December 2, 1999 TOKYO (Nikkei)--The foreign exchange market here reacted coolly to the unusual statement issued Wednesday by Bank of Japan Governor Masaru Hayami because most participants believe there is little chance of a further easing by the BOJ, says Ryohei Muramatsu of the Tokyo branch of Commerzbank. The statement stresses that the central bank is "taking account of the government's yen funding of foreign exchange intervention and any disruptive impact of excessive movements in the foreign exchange market on domestic financial transactions." The problem is that the statement could spawn another period of misunderstanding between the financial markets and Japanese currency authorities, Muramatsu cautions. But Muramatsu also believes that the impact on the course of the yen-dollar exchange rate will be limited. Both domestic and foreign participants in the currency markets have already factored in the BOJ's basic stance, he says. Ultimately, a strong yen is the natural result of Japan's economic recovery, Muramatsu says. (The Nikkei Financial Daily Thursday edition)

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