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Mix-Ansicht- Japan, dottore - sell now, panic later! - Ghandi, 20.09.2002, 10:33
Japan, dottore - sell now, panic later!
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verstehst du, warum die Märkte in Europa darauf nicht reagieren?
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Yen Plunges vs Dollar, Euro as 10-Year Bond Auction Shunned
By John Beresford-Peirse
London, Sept. 20 (Bloomberg) -- The yen plunged against the dollar and euro as the government's sale of 10-year government bonds failed to attract enough bidders for the first time ever.
The yen dropped to 122.94 yen per dollar at 8:20 a.m. in London from 121.50 last night. Against the euro, it fell to 121.12, its lowest since August 1999, from 119.45. The yen has fallen 3.4 percent against the dollar and 4 percent against the euro in the past month.
Japan's sale of 1.8 trillion yen ($14.7 billion) in new 10- year bonds drew bids worth 88 percent of the debt on offer, the first time the Ministry of Finance has failed to draw enough bids since it began competitive price auctions for 10-year bonds in 1989, a ministry official said. That signaled growing mistrust of government plans to boost the economy, analysts said.
The fact ``this has never happened before was generally seen as negative for Japan and the yen,'' said Sonja Marten, a currency strategist at Dresdner Kleinwort Wasserstein in Frankfurt. ``The market's wondering when we'll see action on bad loans from the government.''
Japan's central bank said this week it would buy shares directly from commercial banks to help reduce their losses from declining stocks. The plan won't help banks dispose of the $430 billion of bad loans that's preventing them from lending money and sparking growth, some analysts said.
The failed bond auction ``is part and parcel of the lack of confidence in Japan's plans,'' said Steve Englander, senior currency strategist at Citigroup Inc. ``There's disappointment (the BOJ's plan) is a policy in isolation,'' that doesn't address the problems of deflation and bad loans, he said.
Minister for Financial Services Hakuo Yanagisawa said regulators aren't about to propose new steps to hasten disposal of bad loans. ``We're doing our utmost, thinking about what we can come up with,'' he said at a regular press conference.
Japan's government will wait until next month to announce measures to fight falling prices and boost the economy, Prime Minister Junichiro Koizumi said. He said it is ``too early to give specifics'' about the plan.
A Japanese government economic panel is due to meet this afternoon to outline measures to rejuvenate the economy. Heizo Takenaka, Japan's minister for economic and fiscal policy, will hold a press conference after the meeting at about 11 a.m. London time, traders said.
``As Koizumi revealed nothing concrete, traders and investors are increasingly expecting that Takenaka may not unveil something drastic today either,'' said Yasuo Kayamoto, vice president at UFJ Bank in Tokyo.
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