Japan''s intervention to prop up dollar is costliest yet in January

9:12a ET Wednesday, January 28, 2004

Dear Friend of GATA and gold:

The comments of Japan's finance minister quoted in the
Bloomberg story appended here almost certainly were
made only to patronize the member of Parliament who
asked the gold question. But at least this story shows
that the Japanese people are not as foolish as their
government.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Japan Must 'Carefully' Consider
Gold Allocation, Tanigaki Says

Bloomberg News Service
Wednesday, January 28, 2004

Japan needs to quot;carefullyquot; consider diversifying its official
reserves to include more holdings of gold, Finance Minister
Sadakazu Tanigaki said.

quot;That would be necessary for the purposes of diversifying
assets,quot; Tanigaki said at the fiscal and finance committee
of the lower house of parliament in Tokyo.

He was responding to a question by Jin Matsubara of the
opposition Democratic Party of Japan regarding why most
of Japan's official foreign reserves are in foreign currencies
and U.S. Treasuries rather than other assets, including gold.

quot;There is debate among international monetary authorities
about gold's role in foreign reserves,quot; Tanigaki said. Boosting
holdings of gold quot;would affect the gold market and so should be
carefully considered,quot; he said.

Japan is the largest holder of official reserves in the world,
and had a total of $673.5 billion of official reserves, including
foreign reserves, as of December, according to government figures.
It has been the largest holder of foreign reserves since October
1999.

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