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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Bid Buster who wrote (243132)	5/29/2003 6:50:36 PM
From: UnBelievable	Read Replies (1) of 436258

My Economy Is Weaker Than Yours Koizumi: Yen Too Strong In View Of Econ Fundamentals TOKYO (Dow Jones)--Japanese Prime Minister Junichiro Koizumi believes the yen is too strong in relation to Japan's economic fundamentals, suggesting he is nervous that a weak dollar could undermine his country's fragile economic recovery, the Financial Times reports on its Web site Friday. His comments suggest he is willing to use his verbal influence to support his government's campaign to ease the yen downward. "Given the current state of the economy, Japan's currency should be weaker," Koizumi said Thursday, referring to recent figures showing that gross domestic product growth fell to almost zero in the first quarter. "Credit rating agencies have downgraded Japanese government bonds to below those of Botswana. Yet why doesn't the Japanese yen depreciate?" Koizumi's remarks came as the yen, which has risen strongly toward Y115 to the dollar in recent months, provided Japan's government with some relief by falling back to a one-month low in the Y119s Thursday. Last month, the Japanese government revealed it had secretly sold yen to the tune of US$20 billion in the first three months of the year, in an effort to prevent the currency from strengthening too fast. On Friday, the Bank of Japan will publish figures that are expected to show the government has ordered further intervention since then. Koizumi was talking to European journalists, as he set off for the 300th anniversary celebrations in St. Petersburg on his way to the Evian summit of G8 industrial nations this weekend. His remarks suggest he will seek to persuade fellow G8 leaders that Japan cannot fulfill demands for a strong recovery of its economy if it is not given some room for maneuver on the currency

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