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

To: pater tenebrarum who wrote (34380)	11/29/1999 12:41:00 PM
From: Don Green	Read Replies (1) \| Respond to of 99985

BOJ Buys Euros In Currency Market Intervention Tuesday, November 30, 1999 TOKYO (Nikkei)--The Bank of Japan sold yen for euros on Monday as part of a wider currency market intervention aimed at checking the yen's sharp appreciation, according to sources familiar with the matter. The BOJ conducted repeated rounds of dollar purchases starting Monday morning, then expanded the move to include euro-buying in the afternoon. The Ministry of Finance and the central bank apparently concluded that blocking the yen's climb against the dollar would not be enough because the euro's weakness was a direct trigger for the latest upswing in the yen. Directed by the MOF, the BOJ bought euros at the mid-104 yen level, marking its first euro intervention since June 21. Market insiders estimate the total size of the intervention at several hundred million euros. The bank, meanwhile, apparently purchased several billion dollars of U.S. currency. But the intervention did little to ease the strong upward pressure on the yen, market insiders said. (The Nihon Keizai Shimbun Tuesday morning edition)