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Politics : Formerly About Applied Materials

AMAT 268.05

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To: StanX Long who wrote (61925)	3/12/2002 4:49:13 AM
From: StanX Long	Read Replies (1) of 70976

Yen Falls vs Dollar; Japanese Stocks Decline, Reducing Demand By Chris Gothard quote.bloomberg.com London, March 12 (Bloomberg) -- The yen fell against the dollar for the second day in three after a decline in Japan's benchmark Nikkei 225 stock index reduced demand for the currency to buy shares. The yen weakened to as much as 128.89 per dollar from 128.26 in London late trading yesterday, before trading at 128.57. That pared its gain against the U.S. currency to 2.4 percent this year. Against the euro, it was little changed at 112.57. The Nikkei fell 2.6 percent, its biggest drop in three months, as the government reported consumer confidence in Tokyo fell last month amid the nation's third recession in a decade. The index last week made its largest advance since November 1997, helping the yen to its biggest weekly gain against the dollar since March 2000. ``We have seen the Nikkei come off overnight, and as a result we have seen the yen weaken,'' said Steven Saywell, a currency strategist at Citigroup Inc. ``There is a close correlation'' between the stock market and the yen, he said. Japan's currency has tracked the Nikkei's performance with a correlation of 0.85 this month, according to Bloomberg analytics. A reading of 1 means they trade in lockstep.

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