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Politics : Formerly About Applied Materials

AMAT 260.22

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3:59 PM EST

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To: StanX Long who wrote (62046)	3/14/2002 12:37:22 AM
From: StanX Long	Read Replies (1) of 70976

Dollar Retreats Amid Official Warning March 13, 2002 11:10:00 PM ET news.moneycentral.msn.com By Mariko Hayashibara TOKYO (Reuters) - The dollar retreated against the yen on Thursday morning, albeit cautiously as a top Japanese forex official repeated his warning against a rapid rise in the yen. Dealers said a failure to break options-related resistance frustrated some into unwinding long positions built up after the dollar hit a low of 126.36 yen last week. The dollar limped to 128.84/86 yen from a session high of 129.57, having triggered minor stop-loss orders. The euro also trailed lower to 112.97/13 yen from 113.37 in late New York. The yen's gains were limited, however, with the market mindful of Japanese authorities' caution. Senior Finance Ministry official Zembei Mizoguchi reiterated on Thursday that currency rates should reflect economic fundamentals and warned against volatile movements. A massive surge in Japan's current account surplus for January failed to draw much reaction in the market.

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