1.   Well, to Alexander, it would suggest buying yen.

2.   When investors sell Marks for yen, they generally sell Marks for dollars first and then sell the dollars to buy yen.

3.   When investors sell Marks for yen, they generally sell Marks for dollars first and then use the proceeds to buy yen.

4.   And to buy Japanese stocks, foreign investors have to buy yen, which is pushing its value higher.

5.   At that time, the United States, Europe and Japan coordinated an effort to buy yen and scared off speculators who had been driving the yen down.

6.   Bad news on corporate earnings could discourage investors from buying yen to put their money in Japanese stocks.

7.   A rise in Japanese rates could prompt such investors to sell assets bought elsewhere, buy yen and return their loans to pocket gains before rates rise too far.

8.   A Japanese Finance Ministry official declined to comment on whether the central bank was buying yen.

9.   A senior Japanese official responsible for foreign currency policy hinted that his government will buy yen for dollars to boost the Japanese currency, Jiji Press reported.

10.   But that will be little comfort to holders of dollars, who will have to buy yen at a much higher rate.