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To: Haim R. Branisteanu who wrote (233840)	4/6/2003 8:02:36 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

I Expect That In That Flurry Of Meetings That Busch Had With Greenspan the week before the war the extent to which a weak dollar or US stock market could compromise national security was discussed. In addition, recent FX changes included efforts on the part of the BOJ to prop up the dollar prior to the April 1 mark to market audits. The magnitude of these interventions was such that they clearly are unsustainable in anything but the shortest timeframes. While in the short term the war may support the dollar a bit, I can't help but think that the US's willingness to act unilaterally, and against world opinion, will cause most if not all other central banks to reconsider their reliance on the dollar as a reserve currency.

To: Haim R. Branisteanu who wrote (233840)	4/6/2003 8:23:42 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

Japan March Foreign Reserves $496.18B; Up $10.92B On Mo Japan Foreign Reserves -2: Follows March Interventions TOKYO (Dow Jones)--Japan's reserves of convertible foreign currencies, gold and International Monetary Fund special drawing rights in March were up $10.92 billion from the previous month to $496.18 billion, the Finance Ministry said Monday. The rise likely was due largely to a series of currency market interventions during the month in a bid to stem the yen's rise due to the U.S.-led war on Iraq. Admitting for the third time this year that it intervened in the market, the MOF said last week it covertly sold some Y1.2 trillion in late February through the first third of March. Authorities sold yen for dollars and euros on multiple occasions during the period to curb foreign exchange volatility, which was particularly fierce in the lead-up to the war, the ministry said. The March rise follows February's increase of $6.67 billion from January. 04-06-03 2003ET Dow Jones Newswires