Financial Times FT.com

Japan and Korea ‘have no plan’ to sell dollars

By Fang Wang and Anna Fifield

Published: February 23 2005 05:43 | Last updated: February 23 2005 05:43

Japan and South Korea said on Wednesday they had no plan to sell dollar assets from their foreign exchange reserves, the world’s largest and fourth largest respectively, sending the dollar higher one day after it suffered its biggest fall in four months.

“The Bank of Korea will not change the portfolio of currencies in its reserves due to short-term market factors,’’ South Korea’s central bank said in a statement issued on Wednesday morning.

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