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Teasury Secretary Snow likely won''t be kept on long, Washington Post suggests
Japan May Intervene Soon
To Prop Up Dollar: Report
From Reuters
Monday, November 29, 2004
http://www.reuters.com/financeNewsArticle.jhtml?
type=bondsNews&storyID=6945722
NEW YORK -- Japanese monetary authorities may be
spurred to intervene to prop up the dollar once
the U.S. currency falls below 102 yen, according
to a report from New York-based consultants Medley
Global Advisors.
A market source who read the report said it cited a
conversation last Friday between Japanese officials
and business leaders in Japan on the dollar/yen
exchange rate.
The officials said they were determined to intervene
without consulting other countries if the dollar
dropped below recent lows.
The dollar hit a fresh 4-1/2-year low against the yen
on Friday, at 102.12 yen, according to Reuters data.
The source said that the report suggested that Japan
could possibly step in even before the dollar reaches
102 yen.
A stronger yen makes Japanese exports more
expensive overseas.
Japan's Ministry of Finance has not intervened in the
currency market to buy dollars since March this year.
Japan, the world's second-largest economy, spent a
record 20 trillion yen ($194 billion) in intervention last
year and 15 trillion yen ($146 billion) in the first
quarter of this year.
The Medley report, according to a market source, also
said senior Chinese officials recently expressed their
concerns with an official from the U.S. Treasury
Department over the dollar's recent decline. The report
said Chinese officials had said Beijing may have to
act on its own if the dollar continues to decline. The
report interpreted that as a threat by China to curb
purchases of U.S. Treasury debt.
China's Treasury holdings in September stood at
$174 billion.
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