Hedging Dollar/Yen Boon For Japanese Banks
TOKYO--The unprecedented US dollar/Japanese yen volatility last year ignited a surge in foreign exchange trading as financial institutions sought to hedge exposures, which proved to be a boom for Japanese banks.
As a result, the Japanese banks reported strong FX results for the year ended March 31, with several of the banks reporting sizeable gains from forex activities for 1998. Bank of Tokyo-Mitsubishi continues to dominate the field, reporting forex trading profit of $636.3 million. However
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