DLR BELOW 150 YEN COUNTER TO PARIS PACT - MIYAZAWA
Finance Minister Kiichi Miyazawa said he
regards a U.S. Dollar below 150 yen as counter to the agreement
struck by major nations in Paris last month.
    He told the Upper House Budget Committee in Parliament that
Japan intervened in the market when the dollar went below 150
yen, as it considered the dollar's fall below that level
counter to the spirit of the Paris accord.
    Commenting on current foreign exchange movements, Miyazawa
said Japan would watch developments for another couple of days.
    Institutional investors appeared to have sold dollars to
hedge currency risks ahead of the end of the financial year
today, Miyazawa said.
    Behind the recent dollar fall lies the market perception
that major nations were not doing enough to implement their
policies under the Paris pact, he said, noting that passage of
Japan's 1987/88 budget has been delayed.
    He said that now was the time for major nations to act
under the Paris accord. The U.S., West Germany, France,
Switzerland and Britain have intervened on their own account to
prop up the dollar, he said. This was a concerted action.
 REUTER
