Ramsey
04-07-2002, Thu 6:57 PM
Duisenberg says 'negligible' amount used in ECB yen intervention for BoJ
European Central Bank president Wim Duisenberg described as 'negligible' the amount of yen sold by the ECB for euros in currency intervention on behalf of the Bank of Japan last week.
Speaking to the ECB's regular news conference here, Duisenberg said the bank's intervention to weaken the yen was undertaken at both the request and the cost of the BoJ.
Duisenberg said the absence of any upward price movement in the euro as a result of the intervention is explained by the relatively small amount of yen sold by the ECB.
"The BoJ asked us, apart from their own interventions, to do a tiny amount on their initiative," said Duisenberg.
Compared with the daily volumes of currency trading the amount used "was almost negligible," he said.
On Friday, the ECB confirmed it had intervened to weaken the yen on behalf of the Bank of Japan.
المصدر (http://www.ananova.com/business/story/sm_622194.html?menu=)
European Central Bank president Wim Duisenberg described as 'negligible' the amount of yen sold by the ECB for euros in currency intervention on behalf of the Bank of Japan last week.
Speaking to the ECB's regular news conference here, Duisenberg said the bank's intervention to weaken the yen was undertaken at both the request and the cost of the BoJ.
Duisenberg said the absence of any upward price movement in the euro as a result of the intervention is explained by the relatively small amount of yen sold by the ECB.
"The BoJ asked us, apart from their own interventions, to do a tiny amount on their initiative," said Duisenberg.
Compared with the daily volumes of currency trading the amount used "was almost negligible," he said.
On Friday, the ECB confirmed it had intervened to weaken the yen on behalf of the Bank of Japan.
المصدر (http://www.ananova.com/business/story/sm_622194.html?menu=)