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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (20513)	7/20/1999 9:49:00 AM
From: Zardoz	Read Replies (1) \| Respond to of 99985

09:35:13 flash...--Boj Ny Branch Confirms Fed Buying Dlryen on Behalf of Boj bloomberg.com Dollar Surges Against Yen as Fed Intervenes on Behalf of Bank of Japan By Malcolm Foster and Mark Tannenbaum Dollar Surges vs Yen as Fed Buys on Behalf of Bank of Japan New York, July 20 (Bloomberg) -- The dollar surged against the yen as the Federal Reserve bought the U.S. currency on behalf of the Bank of Japan, the sixth time in the last six weeks that the Japanese central bank has sought to stem the yen's rise. The dollar rose to 119.47 yen from 118.18 yen yesterday. The Bank of Japan said it asked the Federal Reserve Bank of New York to buy dollars. Expectations Japan's economy is on the mend have prompted international investors to snap up Japanese stocks in recent months, fueling demand for yen. Non-Japanese investors bought a net 1.103 trillion yen of stocks in June, more than triple the amount bought in May, according to Ministry of Finance figures. A stronger yen could slow an economic recovery by raising the price of exports overseas. Before today, the central bank had sold as much as $25 billion of yen since June 10, with the last bout of intervention on July 5 when the yen was at 121 per dollar.