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To: H James Morris who wrote (48241)	3/31/1999 3:41:00 AM
From: GST	Respond to of 164684

H James - mixed review. Wednesday March 31, 3:11 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) FX IN EUROPE- Dollar/yen dip seen short-term LONDON, March 31 (Reuters) - The dollar was almost a yen lower in early European trade on Wednesday compared with its overnight highs, with analysts attributing the decline to short-term factors linked to Japan's fiscal year-end. Longer term, they said the outlook for the dollar remained positive across the board thanks to the continued strength of the U.S. economy in contrast with weak growth prospects in Europe and uncertainty about Japan. The decision on Tuesday by the U.S. Federal Reserve's rate-setting committee, the FOMC, to leave interest rates unchanged, was true to expectations and broadly welcomed. ''In very uncertain times the Fed is choosing to stand pat. It's a dangerous world and this is a sensible decision that will be rewarded ultimately with confidence in the U.S. economy and U.S. markets remaining high,'' said Tim Fox, chief treasury economist at Standard Chartered in London. At 0750 GMT, the dollar was trading at 120.05/15 yen, compared with a near-three-week high of 120.95 reached in Tokyo overnight. Dollar/yen stood at 120.22/27 in late European trade on Tuesday. Dealers said profit-taking by foreign operators linked to Wednesday's fiscal year-end in Japan explained the drop. They said substantial dollar purchases were expected as the new year begins but these were outweighed at present by predictions of sustained yen demand by foreigners wanting to acquire Japanese stocks. Japan's Nikkei average finished the fiscal year four percent lower than in 1998. But analysts said it was still a healthy barometer for those who feel Japan's economy is starting to emerge from the woods. ''The jury's still out on Japan's recovery prospects,'' Fox said. ''The data were quite weak overnight but there's still a surfeit of optimism.''