5 December 2002, 08:28  Forex - Yen sharply lower in late morning Tokyo on Kuroda comment

/www.fxserver.com/ The yen was sharply lower late morning after Finance Vice Minister for International Affairs, Haruhiko Kuroda was reported as saying that its earlier decline was an appropriate correction, dealers said.
The statement follows previous comments by Finance Minister Masajuro Shiokawa that helped push the yen lower.
Shiokawa was reported by a local newspaper earlier this week as saying he wanted to see the dollar at 150-160 yen, although he later said he was simply referring to the dollar's purchasing power-parity.
"Investors interpreted Kuroda's comments as a sign that the authorities were guiding the market to a weaker yen, which is more direct than showing their tolerance of a weak yen," said Hideyuki Tsukamoto, a dealer at Mizuho Bank.
"Shiokawa's comments triggered yen-selling and the yen remained under pressure after Kuroda's comments," Tsukamoto said.
"The dollar jumped on buying from foreign funds. It is technical buying but aims to put the dollar to 125.50 yen level," he added.
Tokyo 11.35 am Sydney 9.40 am New York 2.40 pm
Dollar
yen 125.29 up from 124.60 124.57
sfr 1.4737 up from 1.4717 1.4704
Euro
usd 0.9992 down from 1.0014 1.0012
stg 0.6379 up from 0.6374 0.6379
yen 125.18 up from 124.73 124.75
sfr 1.4725 down from 1.4733 1.4725
Sterling
usd 1.5662 down from 1.5707 1.5691
yen 196.22 up from 195.60 195.51
sfr 2.3081 down from 2.3109 2.3078
Australian dollar
usd 0.5611 up from 0.5609 0.5600
stg 0.3582 up from 0.3571 0.3567
yen 70.30 up from 69.87 69.77
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