9 August 2001, 10:44 Forex - Yen eases in thin midafternoon Tokyo trading on stockmarket weakness
TOKYO (AFX-ASIA) - The yen eased in thin midafternoon Tokyo trading
as the domestic stockmarket fell sharply, with the Nikkei 225 index now
below the 12,000 point level, dealers said.
However, they said the yen's losses were not particularly
significant as turnover was light with many market participants away
for their summer breaks.
Comments in the morning by Deputy Finance Minister for
International Affairs Haruhiko Kuroda - that the government would
welcome a further easing by the Bank of Japan and this might weaken the
yen - had little impact as they were seen as a reiteration of recent
statements.
"The Ministry of Finance keeps saying the same thing that a weaker
yen would result from a BoJ easing. It's already included in the
fundamentals," MCM analyst Hiromi Ookawara said, noting the lack of
impact from the comments.
"There's no news. Some US names bought the dollar on the weaker
stocks but market participants are away (for the holidays) so the
market is very thin," he said.
"Basically, it's very quiet. All of the currencies are within
ranges," he added, noting that there has been less talk recently about
exporter sell orders capping the dollar at the 124 yen level.
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