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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (3978)	7/15/2000 7:36:27 PM
From: yard_man	Respond to of 436258

You need to get out and rub shoulders with some of the common folk -- some of 'em believe everything bubble-vision spews -- certainly you won't find very many who believe information "technology" isn't an economic miracle of some kind peculiar to recent history (i.e. last 3 - 4 years)

To: MythMan who wrote (3978)	7/16/2000 10:26:30 PM
From: Lucretius	Respond to of 436258

the king of clowns hath spoketh... Message 14055462

To: MythMan who wrote (3978)	7/16/2000 10:47:14 PM
From: Lucretius	Read Replies (3) \| Respond to of 436258

BOJ is run by a bunch of pansies.... Sun, 16 Jul 2000, 10:29pm EDT Yen Falls After Sakaiya Says BOJ Unlikely to Raise Rates Today By Miki Anzai and Mari Murayama Tokyo, July 17 (Bloomberg) -- The yen fell against the dollar to nearly its weakest level since June 2 after Japan's Economic Planning Agency chief Taichi Sakaiya said the Bank of Japan policy board is unlikely to raise interest rates today. A decision to scrap the zero-rate policy ``isn't likely to take place,'' said Sakaiya, speaking to a group of reporters at the prime minister's residence. The Bank of Japan policy board began meeting at 9 a.m., Japan time, to discuss whether to raise the target overnight interbank lending rate from near zero percent. The decision will be announced shortly after the meeting ends. The meeting usually runs until late afternoon. ``Expectations the BOJ will raise rates as soon as today have evaporated'' after Sakaiya's remarks, said Yasuji Yamanaka, a foreign exchange manager at Nikko Trust and Banking Co. The yen weakened to 108.15 per dollar from 107.72 in late New York trading Friday. It also fell against the euro, dropping to 101.37 from 101.09 in New York. The Japanese currency earlier rose as high as 107.29 per dollar, its strongest since Thursday, as speculation heightened the BOJ would boost rates by a quarter percentage point at today's meeting. Jiji Press reported Richard Medley, chairman of Medley Global Advisers, predicted the BOJ policy board would vote 5-4 to raise rates. Of 65 Japanese traders and analysts surveyed by Bloomberg News last week, 21 expect the Bank of Japan to raise its target overnight lending rate today. BOJ The yen gained more than 2 percent against the dollar last month as BOJ Governor Masaru Hayami and two of his deputies hinted the central bank would lift rates today. The currency then fell as much as 2 percent last week when Japan's department store, Sogo Co., filed for court protection from creditors. The failure of Sogo under 1.87 trillion yen ($17.3 billion) of debt triggered calls from government and business groups for the central bank to leave overnight rates at zero to help stave off more bankruptcies. Higher rates would boost the yen by making yen deposits more attractive, while hurting Japan's debt-laden companies by making borrowing costs more expensive. Even if the BOJ raises rates today, the yen won't likely surge above 106 per dollar, because the Japanese central bank is not expected to keep raising rates as long as the country's economic recovery is still considered fragile, said Takashi Toyahara, Nomura Trust and Banking Co. foreign exchange manager. The impact of the BOJ's rate decision will be limited, said Makoto Hino, a foreign exchange manager at Toyo Trust & Banking Co. ``The best the yen can rise to is 106 per dollar even with the rate increase, as many investors are waiting to buy dollars when the currency dips'' to seek higher returns abroad. Euro The euro, little changed against the dollar, may rise as Germany approved tax cuts Friday to spur economic growth and investment in Europe's biggest economy, which could bolster demand for the regional currency. Germany's upper house of parliament approved 50 billion deutsche marks ($24 billion) in tax cuts, the final step in a five-year package of reforms that also scraps taxes of more than 50 percent on asset sales. The euro recently bought 93.77 U.S. cents, little changed from 93.85 in late New York trading Friday. ``Given the completion of the German tax reform plan, the euro won't fall below 90 cents,'' said Yoichiro Yamaguchi, a foreign exchange manager at Sakura Bank Ltd. In other trading, the dollar rose to 1.6526 Swiss francs from 1.6508 francs in late New York Friday. The British pound fell to $1.4977 from $1.5006 in New York Friday.