Japanese Preview ,
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echnicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek=
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  Interest Rates   US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.=
25%  4.0%  1.25-2.25%       [IMAGE] =09 [IMAGE]  Japanese Forex Trading Pre=
view  March 4, 7:00 PM: EUR/$..0.8692 $/JPY..132.00 GBP/$..1.4225 $/CHF..1.=
6994  Japanese Forex Trading Preview  by Darko Pavlovic  No key data.   The=
 yen is trading above 132 vs. the dollar, after reaching a two week highs o=
f 131.85 boosted by a 5.9% or 638 point surge in the Nikkei to a 6-month hi=
gh of 11,450 due to yen repatriation ahead of the fiscal year end on March =
31. If Nikkei continues to rise on Tuesday, which is likely, given the surg=
e in US stocks today (The Dow skyrocketed 2.1% or 217 points to 10586 and N=
ASDAQ rose 3.1% or 56 points to 1859) the yen could strengthen vs. the doll=
ar to a year highs of 130.30. Investors were encouraged by signs that large=
 Japanese banks, such as Mizuho that let construction company Sato Kogyo go=
 bankrupt, were taking steps to address the issue of non-performing loans. =
Moreover, the Nikkei has been lifted by the government's announcement of mo=
re stringent requirements on short-selling stocks last week. Furthermore, i=
nvestors welcomed news that the Bank of Japan had increased its monetary ba=
se by 27.5% in February, in its largest rise since the oil crisis in 1974, =
reflective of Japan's efforts to address its ailing economy. The Nihon Keiz=
ai Shimbun reported that according to 98 company presidents and chairperson=
s surveyed late last month 70.4% think that structural reforms promised by =
PM Koizumi are "slightly behind schedule . Some 61.4% cited "elimination of=
 nonperforming loans" as the lagging area of structural reform, and over 90=
% are unsatisfied with progress made on bad loan disposals. Top officials f=
rom banking and life insurance industry groups said Monday that the governm=
ent should stop the development of the state-run savings and life insurance=
 systems, as they force private financial institutions' operations. A publi=
c postal corporation, to be set up in 2003, must watch its innovative plan =
of balancing the private sectors and bound the area of its operations. Janu=
ary workers' total cash earnings totaled Y302, 118 down 2.3% from a year ea=
rlier, according to preliminary data released Monday by the Ministry of Lab=
or, due to the harshness in employment situation and signifying consumer sp=
ending could decline further in months ahead. Japanese Economic Minister Ta=
kenaka said that bank problems after special inspections would become main =
issue for Japan govt. Takenaka added that daily stock market price swings s=
hould not be yardstick for govt policy and  FinMin Shiokawa said would make=
 more effort for specific anti-deflation measures. Shiokawa  also said Toky=
o stocks won't rise decisively unless economy recovers. USD/JPY support is =
seen at 132.0, 131.75 and 131.50. Resistance is viewed at 134.0, 134.40 and=
 134.80.  EUR/USD is trading just below 87 cents after rising to a 1-week h=
igh of 87.13 after Eurozone business climate indicator climbed to its highe=
st in 5 months to -0.86 in February suggesting an economic recovery is occu=
rring. The EU's Rato noted the presence of signs of an economic pick up in =
the US and Europe, and thus he expects a recovery to consolidate over the n=
ext few months. In the meantime, the EU's Solbes also expressed his expecta=
tion for a gradual recovery in the first half of this year, since he believ=
ed the Eurozone economy bottomed last quarter. Solbes projected the Europea=
n economies would post average growth rate of 1.5% in 2002. Upside capped a=
t 87.20, 87.40 and 87.80. Support stands at 86.30, backed by the 86.0-cent =
figure, and 85.50.  Major data due from the US this week consist of factory=
 orders, jobless claims, productivity, consumer credit, and the labor marke=
t report. Key Eurozone indicators include the Euroarea Services PMI, Euroar=
ea unemployment, German Services PMI, French Services PMI, Italian Services=
 PMI, Spanish industrial production, German manufacturing orders, German un=
employment, ECB rate decision, Italian GDP and Dutch CPI. The main data rel=
eases from the UK are the purchasing managers survey for services, the CBI =
survey of distributive trades, the NTC/FRES report on jobs, housing starts =
and the Bank of England's rate decision. Highlights from Japan comprise the=
 MoF corporate survey, trade balance, indices of business conditions, GDP, =
money supply and wholesale prices.    =09[IMAGE] Audio Mkt. Analysis JPY Dr=
ags Down USD to 2 1/2 Week Low       Articles & Ideas  Euro: The Lonely Ten=
der   JPY: Koizumi Fails To Deliver       Articles & Ideas Forex Glossary  =
 Economic Indicators   Forex Guides   Link Library      [IMAGE] =09
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