mi dispiace molto, caro Andrea; a giudicare da questo articolo hai fatto bene, per quanto doloroso - sto uscendo, ci sentiamo fra un paio d'ore
Yen Drops After Japan's Officials Suggest They're Unconcerned
Dec. 5 (Bloomberg) -- The yen fell to a 32-month low versus the dollar after Japan's Finance Minister Sadakazu Tanigaki and central bank Chief Toshihiko Fukui signaled they aren't concerned about the currency's 15 percent decline this year.
The value of the yen reflects the performance of the world's two largest economies, Tanigaki said during the weekend's Group of Seven meeting. Fukui said a slide in the yen is ``not a problem.'' Japan's currency is set for its biggest annual drop against the dollar since 1979 as seven interest-rate increases by the Federal Reserve lured investors to the U.S.
``The G-7 meeting basically signaled they accepted a weaker yen,'' said Yasuhiro Miyata, who helps oversee the equivalent of about $16.5 billion in assets at DLIBJ Asset Management Co. in Tokyo. ``With Japanese authorities' comments, there's no reason to stop the yen from falling to 125 by year-end.''
Against the dollar, the yen slid to 121.24 at 6:20 a.m. in London, from 120.60 in New York on Dec. 2, according to electronic currency trading system EBS. It traded as low as 121.39, the weakest since March 21, 2003. Against the euro, the yen was at 141.88, after reaching a record low 141.98, from 141.30. The dollar traded at $1.1700 versus the euro, from $1.1717.
Fifty-eight percent of the 57 traders, strategists and investors surveyed by Bloomberg News on Dec. 2 from Sydney to New York recommended buying the dollar and selling the yen.
`Will Not Act'
The yen has declined as the BOJ has held its interest rate near zero percent since 2001 while the Fed lifted U.S. rates to 4 percent and the European Central Bank Dec. 1 raised its rate to 2.25 percent, the first increase in five years.
The weaker currency has helped the Nikkei 225 Stock Average climb to the highest in more than five years as it makes exporters more competitive. The Nikkei rose 0.8 percent today to 15,551.31.
``Japanese financial authorities are not at all concerned about the yen's drop,'' said Etsuko Yamashita, chief economist in Tokyo at Sumitomo Mitsui Banking Corp. ``With the Nikkei jumping above 15,000, propelled by the weaker yen, they will not act in the currency market unless we see turbulent ups and downs.''
The yen may fall to 122.50 per dollar and 142.50 versus the euro this week, Yamashita said.
`Surprising'
``Generally speaking, foreign-exchange rates reflect fundamentals of economies,'' Tanigaki told reporters at the meeting of finance ministers and central bankers in London. The G-7 includes the U.S., Japan, Germany, France, Canada, Italy and the U.K., which oversee two-thirds of the world's economy.
Tanigaki said he and U.S. Treasury Secretary John Snow didn't discuss the yen.
``It was surprising Snow did not say anything about the depreciation of the yen,'' said Michiyoshi Kato, vice president of foreign-exchange sales in Tokyo at Mizuho Corporate Bank Ltd., a unit of Japan's second-largest lender by assets. ``Combined with Tanigaki's and Fukui's comments, this will further encourage yen-selling today,'' to 121.70 against the dollar.
The yen's decline may be limited after a technical indicator some traders use to predict currency movements signaled that losses may stall.
The dollar's 14-day relative strength index against the yen was 74.8. The euro had a reading of 69.4 against the yen. A level above 70 or below 30 signals a reversal may occur.
``I won't be surprised to see the dollar face a short-term downward correction,'' said Akihiro Tanaka, a senior currency dealer in Tokyo at Resona Bank Ltd. ``One small thing could lead to a correction of the dollar-yen.''
Japan's currency may rise to 120.80 against the dollar and 141.50 per euro today, Tanaka said.
`Fresh Incentive'
The dollar may benefit from speculation a report today will show U.S. service industries expanded in November, reinforcing the view U.S. growth is strong enough for the central bank to raise interest rates further.
The Institute for Supply Management's measure of financial services, retailing, building and non-manufacturing businesses probably come in at 59, above the 50-point line that signifies expansion.
``U.S. service industries data will be yet another fresh incentive to push up the dollar, strengthening expectations of Fed's further rate hikes,'' said Kato at Mizuho Corporate Bank Ltd., who said the dollar may rise to $1.1660 per euro today.
`Very Unlikely'
The yen is heading for a sixth straight annual decline against Europe's 12-nation currency, which debuted in 1999.
There is domestic and international pressure on the BOJ to retain its easy monetary policy, said Toru Umemoto, chief currency analyst in Tokyo at Barclays Plc.
``Lots of politicians say the BOJ should continue easing money supply, and also the Organisation for Economic Co- operation and Development and the International Monetary Fund argue the BOJ should continue easing as long as deflation pressure is maintained,'' Umemoto said. ``The BOJ is very unlikely to raise overnight call rates in the coming one year.''
The yen may fall to 160 against the dollar in a few years, Umemoto said.
Japan's currency is the second-worst performer this year after the Swedish krona among the 17 most active currencies Bloomberg tracks, as investors buy higher-yielding assets.
- ho il sospetto che continuino a comprarsi europa contro US ... il venerdi è giorno di vendita di vola (sul weekend costa) - fra poco inizio a trafficar di cena 
cosi mi diverto un pò 
...
