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

To: StanX Long who wrote (58808)	1/15/2002 4:53:24 AM
From: StanX Long	Respond to of 70976

Tuesday January 15, 2:56 PM FOREX-Dollar dips against yen after China warning By Isabel Reynolds sg.biz.yahoo.com TOKYO, Jan 15 (Reuters) - The dollar stumbled to its lowest level in a week against the Japanese currency on Tuesday as a warning from China pushed yen bears into retreat. The greenback fell through stops around 131.50 yen and hovered close to 131.00 -- a full yen lower than late New York levels -- where it met firm support. "There are plenty of people who want to buy under 131," said a dealer at a Japanese bank, citing U.S. funds as being among the bidders. The dollar's dip came despite morning comments from Japanese officials, who seemed to be returning to the laissez-faire stance on the currency that has allowed it to fall around 10 percent in the past two months. Japan's top financial diplomat, Haruhiko Kuroda, said there was no change in foreign exchange policy and that it was desirable that currencies reflected fundamentals. Senior Finance Ministry official Zembei Mizoguchi said currency rates were moving in line with adjustments in the Japanese economy. Neither official's comment had much effect on currencies. Many dealers instead identified China's central bank chief, Dai Xianglong, as the source of support for the yen. Dai told a news conference on Tuesday that weakness in the yen had put pressure on Asian currencies, including China's yuan. "We hope the Japanese government will heed the view of Asian economies and maintain the stability of the Japanese yen," he said.