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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58505)	1/8/2002 2:54:28 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Well this can't be good. ;0( 01/08 01:40 Yen Plunges as Kuroda Signals Japan Won't Try to Stem Decline By Kanako Chiba and Mari Murayama quote.bloomberg.com Tokyo, Jan. 8 (Bloomberg) -- The yen had its biggest decline in almost three months after Vice Finance Minister Haruhiko Kuroda said the currency has been too strong, signaling to some traders that Japan won't try to halt its 3 1/2-month slide. Japan's currency tumbled as much as 1.3 percent to 132.77 against its U.S. counterpart, the lowest level since October 1998. It recently traded at 132.77. Against the euro, it declined to as low as 118.35, from 117.08 in New York. Kuroda's comment dashed expectations Asian leaders might persuade Prime Minister Junichiro Koizumi to try and stem the yen's decline when the Japanese leader travels to Southeast Asia later this week. A weaker yen may lure overseas buyers to Japanese goods and away from other nations, helping boost the chances of recovery in an economy in its third recession in a decade. ``We don't need to take Asian concern about a weakening yen that seriously any more, after Kuroda suggested the government would accept the yen falling even further,'' said Kosuke Hanao, head of forex sales at the Royal Bank of Scotland. The currency is likely to weaken to 135 against the dollar in coming weeks, he said. Japan's currency fell 13 percent against the dollar and 8 percent versus the euro last year as the nation's third recession in a decade deepened. The drop accelerated in December as comments from Japanese authorities suggested they favored a weaker currency to bolster profits its exporters earn on overseas sales.