DOLLAR OPENS EASIER IN TOKYO
The dollar opened easier against major
currencies on underlying negative sentiment, but is likely to
move marginally ahead of expected meetings of leading Finance
Ministers in Washington this week, dealers said.
    The dollar is expected to move between 145.00 and 145.60
yen today as operators avoid taking big positions, despite low
expectations from any Washington talks, dealers said. The
dollar's upward potential looks limited as selling interest
appears strong around 145.60 yen, they said.
    The dollar opened at 145.33 yen against 145.60/70 in New
York and 145.25 at the close here yesterday.
    The dollar opened at 1.8245/50 marks against 1.8270/80 in
New York. Sterling was unchanged from New York's 1.6175/85 dlr
finish.
    The market is generally sceptical about the outcome of any
G-5 or G-7 meeting in Washington and the dollar is likely to
come under selling pressure which could push it towards 140 yen
if no significant measures to stabilise currencies emerge,
dealers said.
    They said Japan is expected to try to strengthen the Paris
accord on currency stability, but added they expect
disagreement between Japan and other nations.
    Japanese officials travelling with Finance Minister Kiichi
Miyazawa told Reuters the G-7 will meet today, but currency
target zones or reference ranges will not be discussed.
    The Bank of Japan bought a small amount of dollars shortly
after the opening at around 145.30 yen, when a medium-sized
trading house started to sell the dollar, dealers said.
    The dollar opened at 1.5140/47 Swiss francs against
1.5145/55 in New York.
 REUTER
