SUMITA SAYS BANK WILL INTERVENE IF NECESSARY

  Bank of Japan Governor Satoshi Sumita
  said in a statement the central bank will intervene in foreign
  exchange markets to stabilise exchange rates if necessary in
  close cooperation with other major industrial nations.
      Sumita said the Bank will take adequate measures including
  market intervention, if necessary, in line with the February 22
  Paris agreement by six major industrial nations.
      Canada, Britain, France, Japan, the U.S. And West Germany
  agreed to cooperate in stabilising exchange rates around
  current levels. Sumita's statement was issued after the dollar
  slipped below 150 yen to hit a record low of 148.40.
      "It is inevitable that exchange rates fluctuate under the
  system of floating rates," Sumita said.
      The fact the dollar plunged below 150 yen does not mean
  anything significant under the floating system, he said.
      The six nations agreed in Paris exchange rates prevailing
  then were broadly consistent with underlying economic
  fundamentals and further substantial rate shifts could damage
  growth and adjustment prospects in their countries, the Paris
  statement said.
  

