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02 February 2004 11:36  MOF's Hayashi says cost no hurdle in intervention


TOKYO, Feb 2 - Japan's Vice Finance Minister Masakazu Hayashi said on Monday that Japan will continue to act against speculative volatility in the foreign exchange markets, even if that means running up huge intervention costs. "As we say, currencies should reflect economic fundamentals," he told reporters at a regular news conference. "We will take necessary action against speculative moves. When these moves are big, there will inevitably be huge sums spent on intervention." Japan spent a record 7.15 trillion yen ($67.2 billion) to prop up the dollar in January, one third of the amount used in the whole of last year.||
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