Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (38781)	9/24/2003 4:51:37 PM
From: Haim R. Branisteanu	Read Replies (1) of 74559

Tanigaki says G7 wasn't about us Japanese officials maintained their vigilance over the yen's rise, vowing to intervene in the event that further currency strengthening did not reflect the major trends in economic fundamentals . Japan's newly appointed Finance Minister Tanigaki shed some fresh light onto the G7 statement on currencies indicating the statement neither detracted from previous statements on currencies in general, nor focused on Japan's intervention practices. Tanigaki added that Japan's currency decisions on whether to intervene or not where part of the Ministry's strategy, refusing to declare any influence from international authorities. MoF's former top diplomat Hauruhiko Kuroda did not hesitate to defend his country's FX stance by indicating that the G7 flexibility statement was aimed at China, while justifying the possibility of any yen selling action by Tokyo in the event of rapid appreciation. Kuroda also added that wouldn't be surprised to see a 2-3 yen rise in the dollar resulting from unwinding of dollar shorts. The statements from Tokyo helped the dollar off its lows for a brief period of time before the currency headed back away from the 112 level to the 111.40s. Renewed dollar buying could drag the currency to 110.90 followed by 110.55 and 110.15-20. Resistance seen at 112.35-40, followed by 112.80 and 113.55. Subsequent pressure seen at 114.35 and 115.

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