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

To: StanX Long who wrote (61706)	3/8/2002 12:28:41 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Yen Snaps Gain as Kuroda Signals Japan May Push Currency Down By Kanako Chiba quote.bloomberg.com Tokyo, March 8 (Bloomberg) -- The yen snapped a two-day rally after Haruhiko Kuroda, vice finance minister for international affairs, signaled Japan may sell its currency to stem the biggest weekly gain against the dollar in 3 1/2 years. ``We are going to take decisive action if necessary,'' Kuroda said. ``You should take my words very seriously.'' Gains in the currency erode the profits exporters earn on overseas sales. The yen was little changed at 127.67 against the dollar after falling as low as 128.03 after Kuroda's comment, from 127.56 in New York yesterday, when it rose as much as 3.3 percent. Against the euro, it stood at 112.40 from 112.51. ``Kuroda's remark, signaling the government may intervene to prevent the yen from rising further, is weighing on the currency,'' said Takashi Nakata, a manager of spot FX proprietary trading at BNP Paribas SA.