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ความคิดเห็นที่ 56 |
URGENT : Dollar falls below 89 yen to eight-month low
^Eds: ADDS details, analyst comments, byline, tagline.<
^By TOMOKO A. HOSAKA=
^Associated Press Writer=
TOKYO (AP) _ The dollar fell below 89 yen Monday and hovered
around eight-month lows in mid-morning trading as Japan`s finance
minister reiterated his opposition to intervening in foreign
exchange markets.
The U.S. currency was hovering around 88.90 during trading
Monday. The dollar traded at 89.60 on Friday in New York.
Finance Minister Hirohisa Fujii described recent currency
movements as not abnormal, according to Dow Jones Newswires. He
added that it would be incorrect to turn to `foreign exchange
dumping` to help Japan`s exporters.
The stronger yen reduces the value of overseas profits when
repatriated to Japan. Many exporters have based their earnings
forecasts on the assumption that $1 buys an average of 95 yen.
With the end of the fiscal first half approaching, many exporters
are now repatriating funds, further fueling the yen`s climb,
analysts said.
The drop Monday sent stocks sharply lower. The benchmark Nikkei
225 index lost 2.6 percent to 10,006.87.
Fujii`s stance represents a departure from previous
administrations under the Liberal Democratic Party, which favored a
weaker yen. The Democratic Party of Japan took control of government
in parliamentary elections last month.
The 77-year-old immediately made waves upon taking office two
weeks ago with comments against intervention and suggesting that a
strong yen was not necessarily a bad development for Japan.
`He says that foreign exchange rates should be set by economic
fundamentals,` said Junya Tanase, currency strategist at JPMorgan
Chase Bank in Tokyo. `If the yen should appreciate, people should
accept it.`
The dollar`s fall also follows an agreement reached at this
weekend`s Group of 20 meeting in Pittsburgh on continued stimulus
measures, which indicated that interest rates were unlikely to rise
in the U.S, said Yuji Saito, head of the foreign exchange group at
Societe General in Tokyo.
___
AP Writer Malcolm Foster and AP Business Writer Yuri Kageyama
contributed to this report.
By Associate Press Date 28/09/09 Time 8:33:55
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