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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (9781)8/9/2000 9:17:00 PM
From: Lucretius  Read Replies (2) of 436258
 
i smell rate hike city... and dollar trouble... HO HO HO

Yen May Rise Third Day on Stronger Prospects for
Rate Increase
By Miki Anzai and Mari Murayama

Tokyo, Aug. 10 (Bloomberg) -- The yen may rise for a third day, approaching a
three-week high against the dollar, after the Bank of Japan chief warned that the
central bank may raise interest rates for the first time in a decade tomorrow.

The yen has gained since BOJ Governor Masaru Hayami said Tuesday he wants
to end the bank's emergency policy of keeping a key lending rate near zero
percent. The BOJ's nine board members will meet tomorrow to decide whether to
raise the rate.

``The yen may rise further as traders have begun to believe Hayami is really
serious about raising rates this time,'' said Masayuki Yamamoto, an assistant
vice president for foreign exchange at Bank of America.

The yen traded at 107.88 per dollar, little changed from 107.82 late yesterday in
New York, when it rose to 107.76, its strongest since July 20. Against the euro,
the yen was at 97.30 per euro, little changed from 97.16 in New York, where it
rose to 96.67, a 11-week high.

Hayami said he wants to end the 18-month period of free money, because
keeping borrowing costs low for too long will delay reform at debt-laden
companies and hurt people such as retirees who rely on interest from savings for
their income.
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