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

To: StanX Long who wrote (61405)	3/5/2002 12:31:37 AM
From: StanX Long	Respond to of 70976

Yen Turns Hesitant, Dollar Has Doubts March 04, 2002 10:49:00 PM ET news.moneycentral.msn.com By Wayne Cole TOKYO (Reuters) - The yen broke a four-day winning streak and edged lower on Tuesday with a hesitant performance by Tokyo shares offering enough reason to take profits. The benchmark Nikkei 225 share index fell 46 points in morning trade and while a pullback was no great surprise after Monday's huge 638-point rise, it gave dealers space to remember how awful Japan's fundamentals still were. The dollar stole higher to 132.50 yen having finished at 132.14 in New York after falling over a yen on Monday. It briefly tested major support at 131.85 offshore but found solid bids there, in part from an Asian bank protecting option positions, dealers said. The 131.85 level is a crucial bulwark since it has held on two previous occasions in the last six weeks and its resilience this time gave investors courage to buy again. The euro also managed a bounce against the yen, rallying to 115.30 yen as strong support around its offshore lows of 114.10 unleashed a wave of short-covering.