Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (17511)	2/2/1999 9:32:00 AM
From: Copeland	Respond to of 86076

Dollar drops at US open, yen booms as Jpn rates rise NEW YORK, Feb 2 (Reuters) - The dollar opened lower versus the yen, maintaining the weakness sparked overnight after Japanese investors repatriated capital to take advantage of soaring interest rates there, traders said. The yen zoomed higher overnight as Japanese financial authorities shrugged off rising interest rates. Their lack of concern spurred a spate of selling that pushed the yield on Japan's benchmark 10-year JGBs to an 18-month high of 2.31 percent. ''(The dollar's slide) seems to have snowballed,'' said Kevin Lawrie, global manager, foreign exchange at Mellon Bank. Despite the JGB slump overnight, Japanese financial officials shrugged off concerns that rising government debt would hinder the nation's attempts to revive its economy. As Japanese investors pulled cash out of foreign assets and back into the yen, the yen's rise prompted heavy euro/yen selling, weighing on euro/dollar just before its Tuesday open.