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To: Dwight Taylor who wrote (5497)1/9/1998 2:59:00 PM
From: Richnorth  Read Replies (1) | Respond to of 116834
 
Hi Ben,

Here's my 2 cts. worth on why Hashimoto did not immediately follow through.

1. He knew the US and allies were prepared to counter what he had in mind;

2. He was apparently waiting for the pog to recover before pulling the trigger;

3. The US and allies countered that possibility by driving the pog down by direct and indirect means.

I am not really sure of #2 above because in a way it seems somewhat contradictory. But anyway, those are my thoughts, FWIW to one and all.

Richnorth



To: Dwight Taylor who wrote (5497)1/9/1998 5:15:00 PM
From: Bill Grant  Read Replies (3) | Respond to of 116834
 
Ben,

I'm not sure he was. I believe Japan has been selling US Treasurys for at least a couple of months, and may be quietly accumulating gold.
You may remember that the news of Australia's sales was announced well after the actual sales. As I understand it, that is the rule rather than the exception in central bank moves.

Bill


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