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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (5656)	8/19/1998 12:05:00 PM
From: Peter Singleton	Read Replies (1) \| Respond to of 9980

Sam, also at the link you posted: Forex Market Embraces 147 Yen As Currency Ceiling, For Now TOKYO (Nikkei)-When Eisuke Sakakibara speaks, currency traders listen. So when the vice finance minister for international affairs, who is also known as Mr. Yen, announced Monday that market players had set the yen's ceiling at 147 to the dollar, market sentiment subtly changed and the limit emerged as the new psychological resistance level. Although Sakakibara referred to 147 yen as "the perception of many market players," such a comment by a monetary official is highly unusual. "Mr. Sakakibara's credibility might plummet if the yen breaks through 147," worries a market player. The consensus among chartists is that there is little technical justification for setting 147 yen as the support line. Some market participants point out that the idea of a new ceiling gained momentum only after Sakakibara spoke out, suggesting that it is his perception, not the market's. On Monday, however, the yen stopped falling at 146.90 per dollar. "The yen's year-to-date low of 147.64 is gradually emerging as the lower support level," said a trader at Credit Suisse First Boston, Tokyo Branch. (The Nihon Keizai Shimbun Wednesday morning edition) So, I guess the Japanese have drawn their line in the sand ... yen at 147, and no further. hmmmm ...