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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: westpacific who wrote (27921)3/10/2005 12:23:04 AM
From: $Mogul  Read Replies (1) of 110194
 
Dollar Declines After Koizumi Says Japan May Consider Diversify Reserves

March 10 (Bloomberg) -- The dollar dropped in Asia after Japan's Prime Minister Junichiro Koizumi said his country ``in general' needs to consider diversifying the investment of its foreign reserves.

Japan needs to make an ``overall judgment' on how to invest reserves by considering the stability of such investments, he said today at the budget committee of the upper house of the Parliament in Tokyo. The dollar fell 1.4 percent against the euro and the yen on Feb. 22 on a report South Korea's central bank will diversify its currency reserves, a comment clarified by the country later.

``Koizumi's remarks led to concern the money will move away from the U.S. dollar assets, leading to the dollar selling,' said Minoru Shioiri, senior manager of the treasury and foreign exchange division in Tokyo at Mitsubishi Securities Co., a unit of Japan's second-biggest lender. The dollar may fall to near 103 yen today, he said.

The dollar dropped to $1.3412 against the euro as at 11:45 a.m. in Tokyo from $1.3391 late yesterday in New York, according to electronic currency-dealing system EBS. It traded at 103.94 yen from 103.93.

bloomberg.com
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