101.   In May the dollar rose against the Japanese yen, the German mark and the Swiss Franc.

102.   In contrast, the dollar climbed against the Japanese yen after the Bank of Japan sold yen for dollars through the Federal Reserve.

103.   In the currency markets Monday, the dollar fell again against the Japanese yen but rebounded somewhat against the German mark and other European currencies.

104.   In part, the cautious optimism that Argentina will not have to devalue comes from the slight strengthening in the Japanese yen in recent weeks.

105.   In particular, the NAPM members see the dollar gaining strength against the Japanese yen.

106.   In the wake of that statement, the dollar fell against both the deutsche mark and the Japanese yen when trading opened Monday.

107.   Instead, the dollar has fallen in three of the last four sessions against the Japanese yen and four out of four sessions against the German mark.

108.   It also declined against other European currencies and eked out gains against the Japanese yen.

109.   It also rose against the Swiss franc and other European currencies and was little changed against the Japanese yen.

110.   It has already begun to weaken against both the Japanese yen and the euro.