23 September 2002, 10:31  Forex - Dollar eases against yen in quiet trade; yen still under pressure

The dollar was slightly weaker against the yen, on the back of a technical recovery in the Japanese currency after losses last week, in largely quiet trade with the Tokyo market closed for a holiday, dealers said. Bank of Tokyo-Mitsubishi analyst Emmanuel Ng said the yen is likely to remain under pressure this week, predicting a trading range of 121.5-124.5. Ng said there was some pullback for the yen today following losses last week after the Bank of Japan failed to back up with fiscal measures its plan to buy shares directly from the commercial banks in an effort to assist the ailing financial sector.
"You can't blame the market for being highly skeptical. The BoJ move last week was unprecedented. The government feels desperate times call for desperate measures," Ng said."There were really strong expectations for the government to release measures to support its plan, how exactly it's going to proceed (buying bank shares)," he said.
//.www.ananova.com

© 1999-2024 Forex EuroClub
All rights reserved