81.   Yen swap rates, what traders use to convert fixed interest rates into floating rates, were also little changed.

82.   Yen swap rates, what traders use to convert fixed interest rates to floating rates, rose this morning, with fixed rates edging up about one basis point.

83.   Yen swap rates, what traders use to convert fixed into floating rates, were mixed today in Tokyo.

84.   Yesterday, yen swap rates rose in Tokyo, corresponding to the rise in long-term bond yields.

85.   A dealer at Citibank said that high swap rates were attributable to upcoming forward settlement by the central bank.

86.   A dealer from a Bangkok-based American bank said that swap rates for every period are high amid the regional currency crisis.

87.   But the bank intervened in the swap market to bring swap rates out of negative territory and prevent arbitrage practices.

88.   Dealers said swap rates have dropped significantly for two consecutive days, thus leading to possible interest-rate reductions.

89.   It is widely understood that lower swap rates will pave the way for possible interest rate reductions.

90.   Short-term rates would directly affect the exchange rate, he explained, as they would force swap rates up, thereby discouraging baht sales.