Board-Ansicht
Mix-Ansicht- BoJ will angeblich Interventionen zurückfahren - kingsolomon, 29.03.2004, 09:27
- Finanzministerium will dies aber nicht zulassen *gg* - kingsolomon, 29.03.2004, 09:31
- Re: BoJ will angeblich Interventionen zurückfahren - Amanito, 29.03.2004, 12:32
BoJ will angeblich Interventionen zurückfahren
-->Yen Climbs to 6-Week High on Report Japan to End Currency Sales
March 29 (Bloomberg) -- The yen rose to its highest in more than six weeks against the dollar in Asia after the Times of London newspaper reported Japan will end sales of its currency because the economic recovery is accelerating.
Japan no longer needs a weaker currency to bolster exports, the Times said, citing unnamed Bank of Japan officials. The world's second-biggest economy last quarter grew at its fastest pace in 13 years, spurring overseas investors to buy Japanese shares. Japan sold 10.5 trillion yen ($99.6 billion) in the two months ended Feb. 25, about half of 2003's record annual total.
''Investors have already been thinking there's going to be less intervention,'' said Harvinder Kalirai, head of market research and analysis in Sydney at State Street Corp., the world's largest custodian of assets, with $9.4 trillion under custody. ''Everything we're seeing from Japanese data is showing the economy is on an upswing. The yen is going to continue to rise.''
Against the dollar, the yen rose to 105.37 at 7:54 a.m. in Tokyo, according to EBS prices, its highest since Feb. 11, from 106.02 late Friday in New York. It has strengthened by 6.6 percent since trading at a five-month low on March 8.
Japan's Topix index last week rose to its highest since Aug. 22. Global investors bought 1.15 trillion yen of Japanese stocks in the week ended March 19, the most since the Ministry of Finance began tracking the figures in April 2001. The Nikkei 225 Stock Average has gained 10 percent this year, while the Standard & Poor's 500 index has lost 0.4 percent.
To contact the reporter on this story:
John Brinsley in Tokyo at
or jbrinsley@bloomberg.net
To contact the editor on this story:
Walter Krumholz in Tokyo wkrumholz@bloomberg.net;
Daniel Moss at dmoss@bloomberg.net
Last Updated: March 28, 2004 17:58 EST
http://www.bloomberg.com/news/markets/currencies.html
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