27 April 2001, 10:24 Asia FX Review: Yen falls, Hiranuma's FX remarks accelerate move
By Yumi Kuramitsu
Hong Kong, April 27 (BridgeNews) - The yen fell against the dollar
Friday as market players rushed to sell it after Japan's newly appointed
Minister of Economic, Trade and Industry Takeo Hiranuma said the current
foreign exchange rates are appropriate, but will be problematic if the yen
eases below 130.
Market participants interpret the comment as a sign that the Japanese
government would tolerate the yen's weakness closer to the 130.00 area.
The yen fell against the dollar to as low as 123.90, its lowest level
since April 17 and compared with the New York closing of 123.15.
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