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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.04

+0.4%

Nov 11 4:00 PM EST

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To: scotty who wrote (21205)	10/8/1998 9:47:00 PM
From: goldsnow	Read Replies (2) of 116753

the game is on..sober-up..may not be able to jump in and out this time around.. Dollar Slips Against Yen After Miyazawa Says Japan Won't Act Soon Dollar Slips vs Yen After Miyazawa Says Japan Won't Act Soon Tokyo, Oct. 9 (Bloomberg) -- The dollar slipped against the yen because Japanese Finance Minister Kiichi Miyazawa said there's no need now for Japan to step in the market even after the U.S. currency fell almost 20 yen in two days. ''I don't see a special need to intervene in the market now,'' said Miyazawa. ''The volatility will eventually calm down even if we leave things as they are.'' ''Miyazawa sounds negative about intervention,'' said Hidenori Watanabe, chief trader at Dai-Ichi Kangyo Bank Ltd. ''The dollar will be extremely weighed down in the zone between 120 yen and 130 yen.'' The dollar fell as low as 117.50 yen and recently traded at 118.35 yen, down from 118.85 yen in late New York trading yesterday. Yesterday the dollar fell as low as 111.58 yen, its lowest since June 12, 1997. That's down nearly 20 yen from where it traded Wednesday morning in Tokyo. From an eight-year high of 147.66 yen on Aug. 11, the dollar was down more than 24 percent.

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