DLR BELOW 150 YEN COUNTER TO PARIS PACT - MIYAZAWA

  Finance Minister Kiichi Miyazawa said he
  regards a U.S. Dollar below 150 yen as counter to the agreement
  struck by major nations in Paris last month.
      He told the Upper House Budget Committee in Parliament that
  Japan intervened in the market when the dollar went below 150
  yen, as it considered the dollar's fall below that level
  counter to the spirit of the Paris accord.
      Commenting on current foreign exchange movements, Miyazawa
  said Japan would watch developments for another couple of days.
      Institutional investors appeared to have sold dollars to
  hedge currency risks ahead of the end of the financial year
  today, Miyazawa said.
      Behind the recent dollar fall lies the market perception
  that major nations were not doing enough to implement their
  policies under the Paris pact, he said, noting that passage of
  Japan's 1987/88 budget has been delayed.
      He said that now was the time for major nations to act
  under the Paris accord. The U.S., West Germany, France,
  Switzerland and Britain have intervened on their own account to
  prop up the dollar, he said. This was a concerted action.
  

