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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (5404)	10/4/2000 1:49:43 AM
From: T L Comiskey	Read Replies (2) \| Respond to of 65232

Dollar Weakens Vs Yen As Japan Stocks Rise TOKYO (Reuters) - The dollar weakened against the Japanese yen in Wednesday morning trading in Tokyo as Japanese stock prices rose, stemming an earlier outflow of investment funds, traders said. The dollar fell to a low of 108.58 yen, from around 109 yen in New York late on Tuesday. ``Firmness in the Tokyo stocks, despite NASDAQ's slump (on Tuesday), is lending some support to the yen,'' said Kosuke Hanao, senior deputy general manager for global currency trading at the Industrial Bank of Japan. Japan's main share index, the Nikkei 225 average, was up 1.15 percent at midday. Earlier in New York, the yen fell against the dollar in part due to fund repatriation by U.S. investors, who were selling Japanese securities to offset losses on U.S. technology shares, Hanao said. The technology-laced NASDAQ index fell 3.17 percent on Tuesday. The Japanese stock market advance had stemmed the outflow of investment funds from Japanese equities to cover U.S. stock losses, traders indicated. Another bearish factor for the dollar was news that Richard Dennis, a fabled Chicago commodity futures trader and fund manager, had decided to shut his Dennis Trading Group Inc after a disappointing year-to-date performance. The news made Tokyo traders anticipate more closures of similar speculative accounts in the months ahead. The U.S. Federal Reserve's decision on Tuesday to leave interest rates unchanged was widely expected and had little effect on trading. AUSSIE, KIWI DOWN SHARPLY The New Zealand dollar was trading at $0.0410 after earlier sliding to a new all-time low of $0.3997, under the weight of a weakening Australian dollar and Reserve Bank of New Zealand comments seen as hawkish on rates going forward. The Australian dollar hit a new low below $0.5350, reflecting market disappointment over a failure by the Reserve Bank of Australia to tighten credit. At a board meeting on Tuesday, the RBA decided to leave its official cash rate unchanged at 6.5 percent. But traders said even if the RBA tightened credit, the market would have sold the Aussie anyway because higher rates are bad for the economy. Others noted that speculators, who were wary of attacking the euro after the G7 concerted intervention on September 22, are now targeting the Aussie. EURO STABLE The European single currency was stable at $0.8764/68 at 0225 GMT, compared with $0.8752 in late New York on Tuesday. Against the yen, euro was easier and quoted at 95.11/19 yen at 10:25 p.m. EDT.