Intervention Update :





Forexnews :



Japan FinMin Shiokawa says appropriate action must be considered against forex volatility. Shiokawa adds dollar-yen moves appear to be slowing compared with 2-weeks ago. He also states that most important exchange rate for Japan is dollar-yen.



7/11/2002 8:35:00 PM Japan MoF's Muto says decisive action on forex will be taken if needed, adds that forex moves will be monitored very closely.



Vice Administrative Finance Minister Toshiro Muto said this morning that the ministry is watching the foreign exchange market "very carefully" and is ready to take decisive action if necessary. "The current weak dollar is partly affected by the US economic situation but it is important that the forex market to reflect correctly Japanese economic fundamentals," Muto said. Fukuya said that "there`s still downside risk in the currency market to 113 yen or so. The US depreciation cannot be stopped if there`s no stockmarket

rebound." Bank of Japan governor Masaru Hayami warned yesterday that the dollar may be sold off worldwide in view of the US deficits in terms of both the finance and trade accounts. He said the current weakness of the dollar resembled its instability in the 1960s and 1970s when the US was dogged by the "twin deficits".



.. but will it be coordinated ?



7/11/2002 7:28:00 PM ECB Vice President Lucas Papademos, EU Commissioner Solbes, and Danish FinMin Peterson issued a joint statement saying the euro's rise in forex markets is welcome, and adding that a strong euro is in the interest of the euro area.