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Euroyen rate futures down on Moody's review.



TOKYO, Feb. 17 Kyodo

Euroyen interest rate futures tumbled in Tokyo on Thursday morning on news that Moody's Investors Service Moody's Investors Service

A leading global credit rating, research and risk analysis firm.


Moody's Investors Service

A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers.
 is considering downgrading its rating on Japanese government bonds. Prices on the Euroyen rate futures market futures market, a commodity exchange where contracts for the future delivery of grain, livestock, and precious metals are bought and sold. Speculation in futures serves to protect both the developers and the users of the commodities from unfavorable and unpredictable  came down in line with the decline in Japanese government bond prices. The key three-month September Euroyen rate futures contract Futures Contract

An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties.
  temporarily yielded 0.300% on the Tokyo International Financial Futures Exchange Tokyo International Financial Futures Exchange

Exchange that trades Euroyen futures and options, and futures on the one-year Euroyen, three-month eurodollar, and US dollar/Japanese yen currency.
, up 0.020 percentage point from the previous day. Later, however, some buybacks were seen. "We had already been expecting a downgrade and the Moody's report did not cause that much turmoil," a dealer at a Japanese commercial bank said. The key unsecured overnight call money rate was unchanged at 0.02% on the Tokyo money market Thursday morning from Wednesday's weighted average. The Bank of Japan (BOJ BOJ Bank Of Japan
BOJ Bank of Jamaica
BOJ Bourgas, Bulgaria (Airport Code)
BOJ Beginning of Job
) drained 300 billion yen from the market by selling bills under repurchase agreements to keep the fund surplus

at 1 trillion yen.
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Comment:Euroyen rate futures down on Moody's review.
Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Feb 21, 2000
Words:157
Previous Article:Dollar rises to 110 yen on Moody's news.
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