9 March 2001, 11:50 FED'S MCDONOUGH TELLS LONDON AUDIENCE OF SLOWDOWN
G3 CURRENCIES TIGHTLY RANGE-BOUND] The upcomingannouncement of
the new Japanese economic stimulus package and the release ofFebruary
non-farm payroll in the U.S. were the main focus of the market.Also
putting a damper on price action was options-related trading in
dollar-yen.
* [ASO: GOVERNMENT LIKELY TO LOWER ECONOMICASSESSMENT] Japanese
Minister for Economic and Fiscal Policy Taro Aso reportedly saidthe
government will probably have a more severe assessment of theeconomy in
March than in February. He also dismissed the use of a weakeryen to
boost the economy on the view that it leads foreign investors tosell
Japanese stocks
* [MIYAZAWA APOLOGIES FOR CHOICE OF WORDS THURSDAY]Finance Minister
Kiichi Miyazawa reportedly said that his comment to theParliament that
the Japanese finances was close to collapse was 'inappropriate'.He
added that he meant that the pressure to implement fiscal reformis
New York Federal Reserve President William McDonough saidThursday that U.S. growth in the first quarter is likely to be "quiteweak" but remain "slightly positive." The slowdown in the U.S.economy has not reached bottom yet but it will trend back up in thesecond half, he said after delivering a speech at a conference onthe Basle Accord organized in London by the British BankersAssociation.
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