Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : World Outlook -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth Kirk who wrote (888)	5/31/2002 1:53:47 PM
From: Don Green	Respond to of 49097

Japan Intervenes In Forex Market, Buying Billions Of Dollars Friday, May 31, 2002 TOKYO (Nikkei)--In a bid to avert a further rise in the yen, Japan's monetary authorities intervened in the currency market Friday for the third time this month to support the dollar. The yen-selling/dollar-buying intervention is believed to have totaled several billions of dollars. With the yen rising to nearly 123 against the U.S. currency, the Finance Ministry and the Bank of Japan sought to prevent a further rise, which could have a negative impact on the economy. But yen-buying demand among exporters and overseas investors remains strong. For this reason, the yen is poised to continue to face upward pressures. Prior to the intervention, the dollar had fallen in Tokyo to its lowest level since late November, following the yen strength in overseas trading overnight. But the intervention, which began shortly before 3 p.m. local time in Tokyo, helped push the dollar back to the upper 124 yen range. "We will continue to take appropriate measures when necessary," said Finance Minister Masajuro Shiokawa in a statement released after the intervention. By the end of Tokyo trading hours, however, the dollar was back down to the 123 yen level. With overseas investors remaining net buyers of Japanese stocks for six straight weeks amid speculation about a domestic economic recovery, there are signs that yen-buying pressure will continue. (The Nihon Keizai Shimbun Saturday morning edition)