FED SEEN BUYING DOLLARS FOR YEN IN OPEN MARKET
The Federal Reserve was detected buying
dollars for yen in the open market as the dollar fell to a
40-year low of 144.60 yen in nervous late morning trading,
currency dealers said.
     They said the size of the intervention was relatively
modest so far but it was a clear indication that the U.S.
remained committed to the late February Paris currency
stabilization accord, which was reaffirmed in Washington last
night.
    A Fed spokeswoman had no comment on the dealer reports.
    The dollar hovered around 144.70 just before midday.
 Reuter
