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Date Posted: 05:36:06 09/20/02 Fri
Author: .
Subject: eCon

Top News
Fri, 20 Sep 2002, 1:09pm HKT
Yen Extends Slide as Bidders Shun Japan 10-Year Bond Auction
By Kanako Chiba and Yumi Kuramitsu


Tokyo, Sept. 20 (Bloomberg) -- The yen extended its decline against the dollar as the Japanese government's sale of 10-year government securities failed to attract enough bidders for the amount of debt on offer for the first time ever.

Japan's sale of 1.8 trillion yen in new 10-year bonds drew bids worth 0.88 times the amount of debt on offer, the first time the Ministry of Finance has failed to draw enough bids since it began competitive price auctions for 10-year bonds in 1989, a ministry official said. That signaled growing mistrust of government plans to prevent the economy from slipping into recession, analysts said.

``The sense of overwhelming disappointment is spreading throughout the markets,'' said Minoru Shioiri, foreign exchange manager at Mitsubishi Securities Co. ``The bond auction failure means people have given up on the idea that Japan's government can help the economy.''

The Japanese currency dropped to 122.41 against the dollar at 1:32 p.m. in Tokyo, compared with 121.32 in the late New York trading yesterday. Against the euro, it weakened to 120.68 from 119.78. The Nikkei 225 stock average also extended its loss to 1.7 percent.

The yen headed for its biggest decline in a week against the dollar after Japan's Prime Minister Junichiro Koizumi yesterday damped expectations the government will end four years of decline in consumer prices.

A Japanese government economic panel is due to meet this afternoon to outline measures to rejuvenate the world's second largest economy.

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