Re: -- No Subject --

[Rosser Jr, John Barkley]

Boddhi,
     The fact that the T-bill sale by the Japanese went 
through the New York Fed in a single block proves that it 
was coordinated.  Essentially the Fed incorporated this 
sale, which could have been spread out, into its own open 
market operations which are carried out by the New York Fed.
Barkley Rosser
On Fri, 17 Apr 98 5:02:45 EDT boddhisatva 
<[EMAIL PROTECTED]> wrote:

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>               C. Rosser,
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>       I don't think that there is a shortage of treasuries out there. 
> Selling treasuries doesn't do the Yen any good unless you then use the
> proceeds to buy Yen.  If treasury sales raise U.S. interest rates, the
> spread between Japanese and American yields gets wider.  I think the
> Japanese were using the big sale to threaten the markets with their
> immense reserves. I'm sure Washington approves of anything that keeps the
> Yen higher (note recent earnings reports' citing for-ex losses), but I
> don't think this is coordination. 
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>       peace
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-- 
Rosser Jr, John Barkley
[EMAIL PROTECTED]