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Politics : Formerly About Applied Materials

AMAT 328.29

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3:59 PM EST

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To: StanX Long who wrote (63869)	5/17/2002 1:59:12 AM
From: StanX Long	Read Replies (1) of 70976

Yen Rises; Japanese Economy May Snap Recession While U.S. Slows By Mari Murayama quote.bloomberg.com Tokyo, May 17 (Bloomberg) -- The yen rose as Finance Minister Finance Minister Masajuro Shiokawa said a government report today will say the worst of an 18-month recession in Japan is over, while growth in the U.S. wanes. The report will say the Japanese economy has hit bottom and the government is upgrading its outlook for the nation, Shiokawa said in a speech to a parliamentary committee. The latest Japanese reports have already shown unemployment is falling while factory production is increasing. U.S. releases yesterday showed housing starts slid in April and jobless claims rose last week. The yen strengthened to 127.64 per dollar from 128.13 in New York yesterday, leaving it up 3.9 percent in the past three months. The currency hovered at 116.54 per euro from 116.74. ``An upgrade of the assessment will spur optimism Japan's economy is hitting bottom,'' said Mitsuru Sahara, a vice president for foreign exchange at UFJ Bank Ltd. ``That could persuade global investors to buy Japanese stocks and the yen.''

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