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To: Jorj X Mckie who wrote (710)	5/23/2002 6:39:59 AM
From: AugustWest	Respond to of 17639

(COMTEX) B: Japan conducts yen-selling intervention in forex TOKYO, May 23, 2002 (Kyodo via COMTEX) -- The Japanese government intervened in currency markets Thursday to prevent the yen from rising further, Japan's monetary sources said. The Bank of Japan (BOJ) sold yen for dollars in another dollar-supporting intervention following Wednesday's action. The dollar was trading at around 124.70 yen at about 7:30 p.m. compared with 124.25-28 yen at 5 p.m. Finance Minster Masajuro Shiokawa and BOJ Governor Masaru Hayami said following the Wednesday intervention the step was taken to prevent wild foreign exchange fluctuations. "Foreign exchange movements have been relatively rapid recently. I think a necessary step to stabilize the market was taken (Wednesday) and it was good," Hayami told a regular news conference earlier Thursday. Japan conducted yen-selling, dollar-buying intervention on Wednesday for the first time since Sept. 28 last year in an apparent demonstration it will stop a further rise of the yen, which would damage the improving economy. (EDS: ADDING INFO) 2002 Kyodo News (c) Established 1945 -0- KEYWORD: TOKYO * end of story *