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To: Les H who wrote (10074)	3/16/2004 9:36:22 AM
From: Les H	Read Replies (1) \| Respond to of 29595

Today's reports that Japan is considering ending its vast dollar-buying interventions operations prompted a sharp spike in the Japanese currency against the dollar, before authorities rushed in to stabilize the move. Japanese authorities have escalated their purchases of US treasuries over the past 3 weeks in order to counter any excessive yen rise emerging from the incoming repatriation by Japanese companies ahead of the fiscal year end on March 31. Japanese authorities are now attempting to pull themselves out of the intervention hole they set up without any violent decline in the dollar. We stick with our month end forecast of USDJPY at 107.50. forexnews.com