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

To: StanX Long who wrote (60577)	2/15/2002 2:37:36 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Yen Slides After Japanese Minister's Remark Damps Bank Aid Talk By Kanako Chiba and Mari Murayama quote.bloomberg.com Tokyo, Feb. 15 (Bloomberg) -- The yen weakened after Hakuo Yanagisawa, Japan's minister for financial services, suggested it may be difficult for the government to pump taxpayers' money into banks to speed up bad-debt write-offs. The Japanese government will not ``force'' public money into the lenders before the end of the fiscal year in March, Yanagisawa said today. His comments lowered expectations the government will compile measures in coming weeks to help banks write off an estimated 151 trillion yen ($1.13 trillion) in loans that aren't being repaid. The yen had the biggest decline this week to as low as 133.20 against the dollar, before trading at 132.83 from the 132.14 level set late yesterday in New York. Against the euro it fell to 116.02 from 115.47. ``Yanagisawa's remarks made it clear that there is no consensus in the government on policy measures,'' said Takeo Okabe, senior foreign exchange manager at Daiwa Bank Ltd. ``Should we see no concrete initiatives, given the expectations already factored in, the yen will drop as well as stocks and bonds.''