31.   Investors must convert dollars into yen to buy Japanese stocks.

32.   International investors are able to reap higher returns when they convert dollar denominated assets back into their native currency when the dollar is rising.

33.   Investors must convert dollars into yen to buy Japanese equities.

34.   Japanese exporters must convert dollars into yen when they bring revenues home.

35.   Others argue that many Japanese holders of Treasury securities are selling them and converting their dollars to yen, for use back home.

36.   Should the peso fall, it would mean more revenue when the dollars are converted into the local currency.

37.   Suddenly, a peso was worth about half of what it was when the Rubins converted their dollars.

38.   That boosts the number of francs the company gets when converting dollars earned abroad.

39.   That cuts the number of francs French companies get when they convert dollars earned abroad.

40.   The company has to first sell yen for U.S. dollars before converting the dollars into Australian dollars, to buy the meat.