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To: pater tenebrarum who wrote (61543)	9/13/1999 7:47:00 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 86076

* The US DLR fell to 106.10 YEN, the lowest level since May 14 1996 while EURO/YEN extended losses to yet another all-time low of 109.75 in London amid absence of the Bank of Japan, despite warning from Finance Minister Kiichi Miyazawa that the MOF would act against excessive market moves. Both the currency pairs collapsed on exporters' sales, options plays, sell-stops and pure speculation. Remarks late Monday from US National Economic Advisor Gene Sperling that the G7 meeting scheduled Sep 25 in Washington will not arrange an intervention to weaken the YEN, heightened concern that the BOJ can expect to fight its battle alone. Also, BOJ Governor Masaru Hayami indicating that the central bank would sterilize Friday's intervention disappointed some. The market has been obsessed over this topic, despite the fact that the central bank routinely sterilized interventions to avoid altering their money supply. The US session was relatively calm. Above 108.00, traders noted offers from Japanese exporters, while below the breadth of sellers widened and EURO/YEN weighted. While EURO/YEN was the main engine that buried DLR/YEN. Profit taking in both the cash and the futures markets stabilized DLR/YEN in the low 106 area.