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Politics : Formerly About Applied Materials

AMAT 301.11

+6.9%

Jan 9 9:30 AM EST

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To: StanX Long who wrote (61427)	3/5/2002 2:18:03 AM
From: StanX Long	of 70976

Yen Breaks Win Streak; Nikkei Slips Back By Mariko Hayashibara marketwatch.nytimes.com{D252673E-3127-4087-B551-52F4020C6397}&siteid=NYT&dist=NYT TOKYO (Reuters) - The yen broke a four-day winning streak and edged lower on Tuesday with a hesitant performance by Tokyo shares offering enough reason to take profits. The benchmark Nikkei 225 share index fell 101.77 points, or 0.89 percent, and while a pullback was no great surprise after Monday's huge 638-point rise, it gave dealers space to remember how awful Japan's fundamentals still were. "The Nikkei is no longer rising like yesterday and that has held many back from covering short yen positions," said one Japanese trust bank dealer. The dollar bounced back to a session high of 132.58 yen having finished at 132.14 in New York after falling over one yen on Monday. It stood at 132.46/51 yen at 0622 GMT. It briefly tested major support at 131.85 offshore but found solid bids there, in part from an Asian bank protecting option positions, dealers said. The 131.85 level is a crucial bulwark since it has held on two previous occasions in the last six weeks and its resilience this time gave investors courage to buy again.

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