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To: Jim Willie CB who wrote (4591)	5/30/2003 9:44:13 AM
From: 4figureau	Read Replies (1) of 5423

Japan conducts record currency intervention By David Ibison in Tokyo Published: May 30 2003 13:07 The Bank of Japan conducted its largest ever monthly intervention in the foreign exchange markets in May, using Y3,900bn to ensure the yen did not strengthen beyond Y115 to the dollar and snap off any chance of an economic recovery before it had even begun. The central bank's yen selling binge outstrips the Y3,210bn used to weaken the yen in September 2001 and highlights the depth of official concern in Japan at the domestic implications of a stronger yen. The action moved the yen from a high of Y115 to the dollar to around Y119, but will fuel accusations from US manufacturers and that it is artificially manipulating exchange rates to benefit Japanese exporters. Currency interventions For a timeline and articles covering recent interventions by central banks Click here The record intervention is also likely to ignite debate at the Group of Eight meeting of industrialised nations in France, which is being held as attention focuses on whether or not the US has softened its strong dollar policy. In his last public comments before leaving for France, Junichiro Koizumi, Japan's prime minister, said he believed economic fundamentals indicated that the yen should be weaker. "Given the current state of Japan's economy, Japan's currency should be weaker," he said. It is understood Mr Koizumi plans to bring up the issue of currency movements at the G8 meeting in Evian, pointing out Japan will be unable to recover economically if the yen strengthens too far. It is also understood that he will highlight the effects of continued economic weakness in Japan on the global economy. The record intervention sends out a strong message that Toshihiko Fukui, governor of the Bank of Japan, is resolved to maintain the yen at around Y119 and wil not shy away from committing to the market to ensure this stays the case. news.ft.com

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