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Politics : Formerly About Applied Materials
AMAT 322.51+6.1%Feb 6 9:30 AM EST
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To: StanX Long who wrote (61741)3/8/2002 2:29:48 AM
From: StanX Long   of 70976
 
Warnings From Japan Officials Lift Dollar/Yen

By Lisa Twaronite
Of DOW JONES NEWSWIRES

futuresource.com

TOKYO (Dow Jones)--The dollar pared some of its overnight losses Friday in
Asia on strong warnings from Japanese financial officials that yen strength was
unwelcome.

But another strong performance by Japanese equities kept dollar gains in
check, and left many market participants wary of aggressively buying back the
dollar.

Finance Minister Masajuro Shiokawa said he ordered his deputies to
investigate if market manipulation was behind the yen's 3.4% overnight rise
against the U.S. currency.

"After checking, and if such things are found, I think that steps may be
necessary," Shiokawa told reporters.

Coming fresh on the heels of the government's crackdown on stock market
shortselling, to which many market participants attributed the bulk of the
Nikkei 225 Average's dramatic rebound in recent sessions, Shiokawa's remarks
put the brakes on a further dollar slide for the time being.

Vice Finance Minister for International Affairs Haruhiko Kuroda, Japan's top
currency diplomat, said the yen's movements have been "abnormal," too rapid,
and didn't reflect fundamentals, and warned the ministry "will take steps as
necessary."
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