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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (1273)	10/6/2003 10:47:14 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

Japan: Yen intervention hits record NEW 10/6/2003 7:07:06 PM Japan Foreign Reserves -2: Record High Increase, Total TOKYO (Dow Jones)--Japan's foreign exchange reserves hit a record high of $604.87 billion in September, rising a record $49.79 billion from a month earlier, the Finance Ministry said Tuesday. The data reflect the massive amount of yen-selling intervention conducted by the Japanese authorities in the month. The total surpasses the previous high of $556.84 billion set in July and underscores the ministry's persistent intervention to curb the yen's appreciation this year. The huge increase in convertible foreign currencies, gold and International Monetary Fund special drawing rights comes after Japan spent a staggering Y4.457 trillion in foreign exchange intervention in September. September's rise in reserves follows a $1.75 billion contraction in August and a $11.2 billion expansion in July. Japan's foreign exchange interventions in the first nine months of this year totaled Y13.483 trillion, topping 1999's full-year record of Y7.64 trillion. Tokyo is worried that an excessive yen appreciation could hurt Japan's export-led economy and exacerbate deflation.