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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: fut_trade who wrote (1732)3/1/1999 11:35:00 PM
From: chirodoc  Read Replies (1) of 3902
 
Treasury's Summers told Japan not to pursue a weak yen policy directly, but that it ought to provide more monetary stimulus. As an eminent economist, Summers knows that in the current context, such a policy would likely result in a weaker yen. Japan cannot be fairly accused of exporting its way out of its mess. Exports have fallen on a year-over-year basis in Japan for the past four months. Japan's export sector is acting as a drag on the economy. To the extent the trade balance has improved it is because of an even larger drop in imports which is partly a function of the weak domestic economy and partly a reflection of falling prices for commodities such as oil that Japan imports. The IMF's Fischer appeared to sanction a weaker yen insofar as he claimed that the yen could fall a little more without damaging other Asian countries.

Japan's foreign exchange reserves unexpectedly fell in February by $741 million. The Bank of Japan indicated this decline largely reflected the depreciation of the euro. Barring intervention, Japanese reserves tend to rise $1 billion-$2 billion a month, largely reflecting the yield stream on its large holdings. Meanwhile, Japanese auto sales fell 9.9% in February on a year-over-year basis after a 0.9% decline in January. It is the 22nd consecutive month auto sales have declined. The yield on the benchmark bond slipped 3 basis points to 1.86% ahead of tomorrow's 1 trillion yen sale of six-year bonds. The Bank of Japan maintained a surplus of 1.6 trillion yen in the banking system, which pressed the overnight rate 2 basis points lower to 0.08%.
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