JAPAN ASKS TRADERS, EXPORTERS TO CUT DOLLAR SALES

  The Ministry of International Trade and
  Industry (MITI) has asked about 30 Japanese trading houses and
  exporters to refrain from excessive dollar selling, trading
  house officials said.
      The officials told Reuters MITI asked them to moderate
  their foreign exchange trading because the excessive rise in
  the yen will have unfavourable effects on the economy. It made
  the request by telephone.
      A MITI official said the ministry has conducted a survey of
  foreign exchange trading by trade houses and exporters. But he
  said it was not aimed at moderating dollar selling.
      The trading house officials said MITI had asked them to
  undertake foreign exchange transactions with due consideration
  to the adverse effects excessive exchange rate movements would
  have on the economy.
      The MITI official said MITI undertakes such surveys when
  exchange rates fluctuate widely. A similiar survey was made
  when the currency fell to the previous record low of 149.98 on
  January 19. It hit a new record low of 148.20 yen yesterday.
      He said the survey showed currency transactions by trade
  houses and exporters contributed little to the dollar fall.
  

