-->JAPAN KEEPS PRESSURE UP
Reuters
12/5/2003
The greenback held firm around 108 yen, buoyed by speculation Japan, seeking to limit damage to its exporters, would intervene to sell yen if the dollar fell much further. Japan has sold a record 17.8 trillion yen this year in currency intervention to stop any rise in the yen from killing off the country's export-led recovery. Japan's Nihon Keizai business daily reported the government planned to raise its ceiling on intervention funds by 20 trillion yen to nearly 100 trillion yen when it compiles an extra budget for the fiscal year which ends in March. The Ministry of Finance said on Friday Japan's external reserves hit a record $644.569 billion at the end of November, up $18.3 billion from October. Following the announcement, Japan's top financial diplomat, Zembei Mizoguchi, said there was no change in the government's stance of acting in currency markets as needed."We will closely monitor markets and take measures as appropriate," he told reporters.