1. Banks had mostly refrained from selling dollars in trading today until they could establish what rate the central bank may be willing to step in. 2. A spokesman for Long-Term Capital denied that it was selling dollars for yen. 3. DOLLAR RISES ON JAPAN WEAKNESS The dollar climbed further against the yen, overcoming attempts by the Bank of Japan to defend the Japanese currency by selling dollars. 4. German officials recently have dropped hints they might take steps to lift the currency, including raising interest rates or selling dollars. 5. He also hinted that the central banks of top industrialized countries would cooperate in selling dollars to weaken the U.S. currency if necessary. 6. Instead of selling dollars to support the lira as it often does, the central bank removed the ceiling from money market interest rates. 7. Since then, traders have been wary about selling dollars aggressively. 8. Some analysts doubt other countries will join Japan in selling dollars. 9. Still, he and others said the central banks may refrain from selling dollars because economic developments justify a stronger U.S. currency. 10. Such measures would include the Bank of Japan selling dollars for yen, he said. |