Japan: Der Druck auf den Dollar wächst. Foreign Currency Deposits Lose Favor.

verfasst von El Sheik, 15.04.2002, 08:33

Der Druck auf den US-Dollar wächst.
El Sheik
Monday, April 15, 2002
Foreign-Currency Deposits Lose Favor Due To U.S. Rate Cuts

TOKYO (Nikkei)--The outstanding balance of foreign-currency deposits grew only 1.8% on the year at the end of 2001, slowing from a 31.2% jump seen a year earlier.

The slowdown is attributed to the decreasing appeal of dollar-denominated deposits resulting from a series of interest rate cuts by the U.S.

The outstanding balance of foreign-currency deposits totaled about 3.9 trillion yen at the end of 2001, according to the Bank of Japan.

The slowdown is continuing in 2002, as combined outstanding deposits at five banks -- Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corp. (8318), UFJ Bank, the former Fuji Bank and the former Dai-Ichi Kangyo Bank -- is estimated at 1.86 trillion yen for the end of February, down 140 billion yen from a year earlier.

Interest rates on dollar-denominated deposits, the most popular among foreign-currency deposits, have been falling sharply. The U.S. cut benchmark interest rates 11 times by a total of 4.75 percentage points last year.

At Bank of Tokyo-Mitsubishi, the yearly interest rate on one-year dollar-denominated time deposits has fallen to 1% from 3.5% at the beginning of 2001.

Foreign-currency deposits at domestic financial institutions are no longer protected by the government following this month's introduction of a 10 million yen cap on the guarantee on yen-denominated time deposits.

"Individuals concerned about risks of asset reductions due to the implementation of the deposit insurance cap are shying away from risk assets such as foreign-currency deposits," said Masaaki Sugano, a manager at JP Morgan Securities Asia Ltd.

(The Nihon Keizai Shimbun Monday evening edition)


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gesamter Thread:

• Japan: Der Druck auf den Dollar wächst. Foreign Currency Deposits Lose Favor. - El Sheik, 15.04.2002, 08:33
  • kannst das bitte genauer erklären - R1, 15.04.2002, 10:41
    • voilà - El Sheik, 16.04.2002, 10:12