1.  The present level of the Japanese currency, they warned, may have undesirable consequences for the global adjustment process.

2.  Also weighing on the Japanese currency was fragility in Southeast Asian currencies.

3.  And the Bank of East Asia, of which the Fungs were part owners, kept functioning, although it had to switch to Japanese occupational currency.

4.  As for the yen, some traders said the threat of dollar-selling by the Bank of Japan lifted the Japanese currency against the dollar.

5.  As the Japanese currency soared, corporate profits evaporated and the stock market swooned.

6.  Asked about the Japanese currency intervention after a meeting with President Carlos Saul Menem of Argentina, Treasury Secretary Robert E. Rubin would not comment directly.

7.  A rising dollar allows a Japanese investor to bring home more yen after converting the return on a Brady bond investment into the Japanese currency.

8.  A shrinking trade surplus means Japanese exporters have fewer dollars to convert to yen, thus weakening the Japanese currency.

9.  A plunge by the Malaysian ringgit and the Indonesian rupiah also hurt the Japanese currency by eroding confidence in Asia.

10.  A rally in the yen versus the mark kept the dollar from making bigger gains against the Japanese currency.