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Strategies & Market Trends : Paint The Table -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (20726)	3/18/2002 8:28:06 PM
From: Challo Jeregy	Read Replies (1) \| Respond to of 23786

gee, a lot of responses on the new thread -g-

To: Jorj X Mckie who wrote (20726)	3/18/2002 8:30:12 PM
From: Challo Jeregy	Respond to of 23786

03/18 20:02 Yen Rises Amid Speculation Exporters Bringing Profits Back Home By Kanako Chiba and Mari Murayama Tokyo, March 19 (Bloomberg) -- The yen rebounded against the dollar on speculation Japanese exporters are taking advantage of the currency's 1.8 percent decline yesterday to bring overseas profits home before the fiscal year ends. By converting overseas proceeds when the yen is falling, exporters such as Sony Corp. and Toyota Motor Corp. can boost the value of earnings. A 1.7 percent gain in the Nikkei 225 stock average also helped the yen, analysts said. The Japanese currency gained to 131.13 per dollar from 131.33 in New York yesterday, when the yen had its biggest loss in 11 months to a two-week low. Against the euro, the yen strengthened to 115.74 from 115.93. ``Exporters are selling the dollar,'' taking advantage of the yen's fall yesterday, said Mitsuru Sahara, a vice president for foreign exchange at UFJ Bank Ltd. ``However, as the dollar seemed to gain a momentum to rise, any further selling may be limited.'' The U.S. currency may rise on expectation Federal Reserve officials meeting today will signal the recovery is accelerating, luring investors to U.S. assets. The dollar may also strengthen after Merrill Lynch & Co. and Salomon Smith Barney Inc. said the U.S. economy will expand at an annual pace of at least 5 percent this quarter. That growth may attract money from Japanese investors, who will begin moving funds out of Japan after the country's new fiscal year begins April 1, following losses in Japanese stocks, analysts said. ``The demand for the dollar will increase come April with Japanese investors buying U.S. assets,'' said Takeo Okabe, senior foreign exchange manager at Daiwa Bank Holdings Inc. The dollar may strengthen as far as 135 by the end of next month, he said. Federal Reserve officials will probably drop their 15-month- old view that weak growth is the biggest risk to the U.S. economy, signaling higher interest rates are coming later this year, when the Fed's policy-setting Open Market Committee meets later today at 9 a.m. Washington time. ©2002 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks. quote.bloomberg.com