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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Chip McVickar who wrote (985)	11/2/1998 2:08:00 PM
From: Robert Douglas	Read Replies (2) of 3536

Chip, thanks for the link. TOKYO, Nov 2 (Reuters) - U.S. and Japanese financial authorities could intervene to defend the dollar if it slips below 110 yen, as its free-fall could throw the world into deep economic chaos, dealers and analysts in Tokyo say. ''Pressures on the dollar are mounting as no fundamental solutions are in sight for debt problems in Latin America, Russia and China,'' said Shigeo Ichioka, a strategist in the market trading department at Asahi Bank. It seems like only yesterday that we were reading how the “free-falling” yen would throw the world into deep economic chaos. As a matter of fact, I think some of the same reasons for the falling yen are being given now for the falling dollar. To quote Chuck Heston, (quick what movie?) “IT'S A MADHOUSE!!” Personally, I think that often too much is made about moves in currencies. Only a dealer with his eyes strained too closely on his computer screen would characterize the recent move in the dollar as a free-fall. Either that or there is some human need to describe everyday events as “crises”. Next we'll probably be treated to a Euro-crisis or maybe some other currency. -Robert

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