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

To: StanX Long who wrote (61000)	2/27/2002 2:08:31 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Yen Rises vs Dollar as Japanese Stocks Surge, Increasing Demand By Mari Murayama and Kanako Chiba quote.bloomberg.com Tokyo, Feb. 27 (Bloomberg) -- The yen rose for the third time in four days as a surge in stocks, fueled by speculation the government will make it tougher for investors to bet equity prices will fall, boosted demand for the currency to buy shares. The yen strengthened to 134.52 against the dollar from 134.68 in New York late trading yesterday. The Japanese currency traded as high as 134.32, rallying as Japan's Nikkei 225 stock average rose 3.6 percent. It climbed to 116.25 per euro. ``The good performance of Japanese stocks is keeping us from selling yen,'' said Toshiyuki Takamatsu, senior foreign exchange dealer at ABN Amro Bank NV. Japan's currency also gained on speculation the nation's exporters may be snapping up yen after a report this week showed exports rose in January at the fastest pace in two years, leaving companies with more money to bring home. Stocks and the currency rallied after a draft of an economic plan compiled to battle the nation's third recession in a decade showed the government plans to tighten rules on investors who bet against stocks, traders said. The government is scheduled to release the plan later today, though Fiscal Policy Minister Heizo Takenaka said there won't be any changes from what was outlined in the draft. Japan's currency may not push much higher, though, because of speculation Bank of Japan policy makers will decide at a meeting tomorrow to add more money to the economy, which will dilute the value of the yen, traders said. Pressuring the BOJ