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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: yard_man who wrote (6527)1/30/2004 11:49:37 AM
From: russwinter  Read Replies (2) of 110194
 
That's what about $68 billion US, I agree with the JPM analyst: unsustainable and would add inflationary.

Yen Remains Higher; Japan Sold Record Amounts of Yen in January

Jan. 30 (Bloomberg) -- The yen remained higher against the dollar in London after the Japanese government said it sold a record amount of its own currency this month.

The Bank of Japan, at the behest of the Ministry of Finance, sold 7.2 trillion yen in the four weeks through Jan. 28. The previous record was 4.46 trillion yen in the four weeks to Sept. 26.

``The dollar didn't manage to strengthen this month against the yen despite the amount of dollars the Bank of Japan bought,'' Harriett Richmond, who manages $50 billion as head of currency management at J.P. Morgan Fleming Asset Management in London, said in a televised interview with Bloomberg News. ``It was an extremely large number and this is unsustainable.''

Against the dollar, the yen traded at 105.77 a.m. in London from 105.96 late yesterday in New York. The Japanese currency rose to 105.50 per dollar on Tuesday, the highest since September 2000.

The yen's 12 percent gain versus the dollar in the past year threatens to undermine an economic recovery by cutting profits of exporters including Sharp Corp. and Canon Inc. Hiroshi Okuda, chairman of Toyota Motor Corp. and head of the Japan Business Federation, the nation's biggest business lobby, said the BOJ should prevent the yen from gaining beyond 105 to the dollar.

Last Updated: January 30, 2004 05:04 EST
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