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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (17701)	12/5/2004 4:55:24 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Japan wrestles with stronger yen dragons December 5, 2004 Tokyo- The Japanese yen's rise to a four-year high against the dollar threatens to stifle an export-led recovery in the world's second-largest economy and extend more than six years of deflation. Manufacturers including car maker Toyota Motor and Fuji Heavy Industries said the yen's gains caused a decline in profits in the quarter to September 30. The dollar fell as far as ¥102.01 last week, its worst level since January 2000. Any level below ¥would further reduce the profit of exporters, said Hiroshi Okuda, the head of the Japan Business Federation. Japan's 18-month expansion is already faltering. The economy grew 0.1 percent last quarter, the slowest pace in more than a year. Shuji Shirota, an economist at Dresdner Kleinwort Wasserstein in Tokyo, said the yen's 6.6 percent gain in the past three months might contribute to a contraction in the fiscal year starting on April 1. ... Lehman Brothers Holdings, the most accurate forecaster of exchange rates in a Bloomberg News survey last quarter, cut its dollar forecast on November 20, saying it now expected the dollar to weaken to ´92 in 12 months. - Bloomberg busrep.co.za