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		Japan spends record US$67.5 billion in January to stem yen's rise against U.S. dollar Friday January 30, 9:26 am ET TOKYO (AP) -- Japan spent 7.155 trillion yen (US$67.5 billion) in January -- a single-month record -- to curb the yen's surge against the U.S. dollar, according to Finance Ministry data released Friday. Tokyo has been agressively selling yen in an attempt to prop up the sliding dollar, which has been hit by market concerns about the U.S. budget and current account deficits and possible terrorism worldwide. A stronger yen means Japanese companies earn fewer yen from their exports to the United States, the world's largest economy. Japan's January currency intervention, carried out by the central bank on the Finance Ministry's behalf, exceeded the 5.112 trillion yen (US$48.2 billion) spent in September, the previous one-month record. Despite the spending, the dollar had fallen to a three-year low of 105.45 yen on Tuesday, the mid-107-yen level at the beginning of January. The dollar traded shy of 120 yen in early 2003. On Friday, Bank of Japan Deputy Gov. Toshiro Mutoh said authorities were worried that the weak dollar-strong yen trend could hurt Japan's economy. The bank eased monetary policy last week, saying it would pump more money into the financial system to give a boost to the fledgling recovery and thwart deflation -- a slide in prices, which shrinks corporate profits and individuals' paychecks. "We must keep a close eye on the currency market," Mutoh said, in Saitama, north of Tokyo. To help finance its spending, the Finance Ministry said it sold 5.01 trillion yen (US$47.3 billion) worth of U.S. Treasury bonds to the Bank of Japan under a repurchase agreement, the Finance Ministry said. The agreement allows the ministry to buy back the bonds later. Tokyo is also expected to raise its intervention spending limit to 100 trillion yen (US$943 billion) for the fiscal year through March, from 79 trillion yen (US$745 billion), and to further increase the limit next fiscal year. In 2003, Japanese authorities spent a record 20.05 trillion yen (US$189.2 billion), nearly triple the previous high of 7.64 trillion yen set in 1999. Japanese currency intervention is expected to be among the key topics at next week's meeting of finance ministers and central bankers from the Group of Seven richest nations in Boca Raton, Florida.   Back to Original Article: Mortgage News You Can Use   Continue with: New York NAPM: Economy Up In Jan For Fifth Straight Month New York city economy improved in January - report University of Chicago Economist Sees Warning Signs Economic Expansion Slows G7 positions on dollar ahead of Florida meeting U.S. Economy Grew at Slower-Than-Forecast 4 Percent Rate in Fourth Quarter Economy Grows at 4% Rate in Final Quarter of 2003 Economic Growth Report Pulls Down Dow 32 Treasuries Slip on Strong Chicago PMI Dollar Falls on Lower-Than-Expected GDP Fed, economists see improvement Hire expectations Dollar Firms, Buoyed by Economic Data Part One Dollar Firms, Buoyed by Economic Data Part Two Treasuries Up as Growth Falls Short Treasuries Up as Growth Falls Short part two
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