NYT-Dollar's Fall Tests Nerve of Asia's Central Bankers

[Chicago Democrat]

Dollar's Fall Tests Nerve of Asia's Central Bankers
By JAMES BROOKE and KEITH BRADSHER

Published: December 4, 2004


TOKYO, Dec. 3 - As Americans embark on another season of debt-supported holiday spending, they might want to give thanks that Masatsugu Asakawa is still buying in America, too.

Mr. Asakawa, 46, is the top official at the Finance Ministry here responsible for managing the largest portfolio of United States government securities in the world, worth a staggering $720 billion. As the dollar has slumped this fall, many investors have started to worry that Mr. Asakawa and his counterparts elsewhere in Asia will be tempted to pare their holdings, perhaps causing the currency to plunge much further and setting off a round of interest rate increases in the United States that could send the global economy into a tailspin.

But Mr. Asakawa, at least for now, says that he intends to keep right on adding American holdings to Tokyo's portfolio.

"We've heard the rumors in the last few days that the Chinese guys, the Indian guys, the South African guys are diverting from dollars," Mr. Asakawa said. "We have no plan at all to divert from our dollar-denominated assets."

rest at...

http://www.nytimes.com/2004/12/04/business/worldbusiness/04banker.html?hp&ex=1102222800&en=32d476d15315df6e&ei=5094&partner=homepage

[Chicago Democrat]

1. Time to talk about the Tao...

and rivers....

and water which is very much like money....

[DBoon]

2. "We have no plan at all to divert from our dollar-denominated assets."

Translation:

Do not look too closely as we consider our options for bailing out of the dollar. We do not want the dollar to collapse until we have entirely disinvested.

[Chicago Democrat]

4. No... highly watched and published number...

Can't "bail" without the world noticing...

still the fundamentals point DOWN.


"Our source was The New York Times."

[KingChicken]

3. Possesions are fleeting...

I think the U.S. will really learn the 2nd noble truth: "suffering is caused by desire", it's the humans downfall everytime, untill we learn...

[Chicago Democrat]

5. The 3 Noble Truths...

1) Hatred
2) Desire
3) Ignorance

pretty much describes the USA

[cavanaghjam]

6. You forgot venality

Sell my soul? Talk to my agent.