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DIVISION O F I N T E R N A T I O N A L F I N A N C E
BOARD O F G O V E R N O R *
January 25* 1963
CAPITAL MARKET DEVELOPMENTS ABROAD
LIBRARY
JAN 30 13%
I* .Germany
I I , Nine Charts on Financial Markets Abroad
rKDER.ll RHSFRVC r.f,
or RICHMOND
1!
Germany: Money and C a p i t a l Markets in. December 1962
Despite an admonition from the Bundesbank t h a t the t r a d i t i o n a l
year-end p r a c t i c e of window-dressing was " u n d e s i r a b l e , " t h e commercial banks
s h i f t e d s u b s t a n t i a l funds i n t o Germany during December and then proceeded t o
r e b u i l d money-market holdings abroad i n e a r l y January<> The banks r e p o r t e d l y
a l s o borrowed funds abroad both t o improve t h e i r l i q u i d i t y r a t i o s and to
r a i s e t h e i r balance-sheet t o t a l a s s e t s and l i a b i l i t i e s 0 Perhaps as much
as $100 m i l l i o n was r e p a t r i a t e d from abroad i n the f i r s t half of December alone
The F r a n k f u r t money market experienced continuing demand f o r
funds as the year-end approachedo Day-to-day loan r a t e s climbed s t e a d i l y
from about 2 - 3-1/8 per cent i n l a t e November t o 3 - U per cent i n l a t e
December and year-end money was quoted a t 5-1/2 - 6 per c e n t . Rates on
3-month i n t e r - b a n k loans remained a t between U-l/U and U-l/2 per cent during
November and December.
In e a r l y January, funds were s h i f t e d t o the Euro-dollar market
i n London; on January k , f o r example, the spread i n fa vor of E u r o - d o l l a r
d e p o s i t s over i n t e r - b a n k loans i n F r a n k f u r t was 0.85 per c e n t (see Table 5
and Chart 5) and forward cover was a v a i l a b l e i n the market a t only 0.U0 per
cent (see Table 5)» Large r e s e r v e d e c l i n e s r e p o r t e d by the Bundesbank i n
e a r l y January i n d i c a t e d t h a t the German banks were moving s u b s t a n t i a l funds
back i n t o the E u r o - d o l l a r market. On January 7 the Bundesbank increased
i t s charge f o r forward cover t o the banks from 0»50 t o 0.75 per c e n t , but the
market r a t e remained a t 0.U0 per c e n t . However, a sharp drop i n Eurod o l l a r r a t e s i n t h e week of January 7-11 m a t e r i a l l y reduced the i n c e n t i v e s
to continue t o s h i f t funds to London»
The tone of the bond market improved during the l a t t e r p a r t of
December and y i e l d s on long-term f i x e d - i n t e r e s t s e c u r i t i e s eased below 6 per
cent f o r the f i r s t time i n s i x months«, The 5=1/2 per cent Railway bond
dropped from 6»lU per cent a t t h e end of November t o 5°97 per cent i n the
second week i n January c By the end of December, some r e c e n t i n d u s t r i a l i s s u e s
were no longer being quoted a t below~par p r i c e s 0
The strengthening of the bond market i n p a r t r e f l e c t e d t r a n s f e r s
of funds from the stock market where the stock p r i c e index declined from 17U
on November 30 t o 163 on December 19 and t o 159 on January l5o I n December,
a DM 250 m i l l i o n Railways bond with a 6 per cent coupon was placed a t p a r . In
OFFICIAL USE ONLY
DECONTROLLED AFTER SIX MONTHS
. 2-
OFFICIAL USE ONLY
the f i r s t week i n January s the a u t h o r i t i e s marketed a DM UOO m i l l i o n Federal
loan a t 6 per cent and took advantage of the improved conditions to lengthen
t h e term t o 15 years compared with a 10-year maturity on the preceding
o f f e r i n g i n e a r l y December»
In the l i g h t of the improved bond market s the Central Capital
Market Committee has urged t h a t new i s s u e s t o t a l l i n g $1*2 b i l l i o n be placed
on the market i n January and February t o f o r e s t a l l a temporary drop i n
market y i e l d s below 6 per cento At the beginning of l ? 6 l and again i n 1962,
bond y i e l d s f e l l below 6 per c e n t and market volume was adversely a f f e c t e d o
I t i s estimated t h a t perhaps UO per cent of t h e F e d e r a l loan i n
January was taken up by f o r e i g n i n v e s t o r s e The l a t e s t German balance«ofpayments s t a t i s t i c s show only a modest n e t inflow of funds i n t o German
s e c u r i t i e s during October and November0 Net s e c u r i t y t r a n s a c t i o n s ( i n
m i l l i o n s of D-marks) in 1962 were?
German s e c u r i t i e s
purchased by f o r e i g n e r s ( n e t )
Foreign s e c u r i t i e s purchased(°)
by Germans (net)
Net inflow of c a p i t a l to
German s e c u r i t i e s market
a/
Jan.Mar0
Apr 0 June
July
Sept.
523
198
358
°3Uo
-168
- 23
183
30
335
)
)
)
)
Oct,
Nov0
107
102
a/107
a/102
Includes a l s o other net p r i v a t e c a p i t a l »
The Federal Government has announced i t w i l l f l o a t a DM 25>0 m i l l i o n
loan i n 1963 t o f u l f i l l i t s o b l i g a t i o n s i n the area of development a i d .
Secretary of S t a t e Vialon voiced the government's hope of placing p a r t of t h i s
i s s u e on f o r e i g n markets 0 In December s Germany announced a DM U70 m i l l i o n
loan t o India to be used t o finance Indian i n d u s t r i a l p r o j e c t s .
Money marketo Money market conditions were easy i n November but
tightened continuously throughout December as the year-end approached» (See
Tables 1 and 5 ) 0 The monetary ease i n November i s ascribed t o the reduced
s h i f t o f - f u n d s by commercial banks t o money markets abroad e
In December^ i n t e r e s t r a t e s moved up as the commercial banks b u i l t up t h e i r
l i q u i d i t y p o s i t i o n s i n p r e p a r a t i o n f o r year-end window-dressing o p e r a t i o n s .
Money was a l s o t i g h t because of an unusual p u b l i c demand f o r cash i n a n t i c i p a t i o n of the December 31 property t a x assessment d a t e . Under the law 9
bank d e p o s i t s are included i n personal property and the assessed values are
e f f e c t i v e f o r the next t h r e e years„ (See: F r a n k f u r t e r Allgemeine Zeitung,
December 20, 1962s pQ 11) In December5, the commercial banks were a l s o making
c a l l loans t o the E u r o d o l l a r market a t the same time as funds were being
brought i n from abroad because r a t e s on U0S0 d o l l a r d e p o s i t s i n London were
so a t t r a c t i v e o (See Table 5„)
OFFICIAL USE ONLY
~ 3 =
OFFICIAL USE ONLY
On December 7, the Bundesbank increased i t s buying p r i c e of commercial
paper t o t h e l e v e l of i t s s e l l i n g p r i c e not only t o discourage commercial banks
from borrowing funds on f o r e i g n money markets but a l s o t o esse c r e d i t conditions
a t home.
Table lo
Money Market Rates i n F r a n k f u r t , November and December
(in per cent per annum)
Day-to-day money
Nov.,
1-7
8-15
16-23
2U-30
Dbc o 1-7
8-15
16-23
21+-28
End of year money
2«- 3 / a
2=1/1
2-1/8
2
3
3 ,
3-1/8
3
5-1/2
2 -- 3 A
"
3
,
- .3-1/8
- 3-1/8
- 3 ™l/8
- h
- b
Three month loans
U-i/U
L-3/8
U-l/U
ii-i/U
U-1/I4
U-i/U
UrlA
L-3/8
- U-1/2
- U-3/8
- U-1/2
- 6
Bond marketo The German bond market strengthened during the l a s t
half of December and the f i r s t half of January 0 (See Chart 6 e ) The c l i m a t e "
of t h e market d e f i n i t e l y improved during* the month of Decembero U n t i l midDecember medium-term, non-bonded loans ("Schuldscheindarlehnen") bearing
6-l/U per cent i n t e r e s t per annum could not be placed above 98 per cent of
par5 a f t e r mid-December such loans were being placed a t 99 per cent of par
and y i e l d s were r e p o r t e d to be comfortably below the mid-November l e v e l of
6o5 per cento (See Chart 6„) Banks are g e n e r a l l y s a t i s f i e d with t h e 1962
trade i n these medium-term notes„ The market was more orde rl y i n 1962 than
in 1961 because the very l a r g e i n d u s t r i e s who d i s r u p t e d the market with bond
i s s u e s i n 1961 secured a g r e a t e r p a r t of t h e i r financing on the stock exchange, leaving the Schuldschein market t o t h e t r a d i t i o n a l customers %
m u n i c i p a l i t i e s 5 small and medium-sized f i r m s , and c e r t a i n branches of the
Federal Government0
Yields on long-term f i x e d - i n t e r e s t bearing s e c u r i t i e s eased below
6 per cent f o r the f i r s t time i n s i x months „ The 5^1/2 per cent Railway
Bond i s s u e dropped 17 b a s i s p o i n t s from the end of November t o the second
week i n January t o 5«97 per cento By the end of December some r e c e n t i n d u s t r i a l
i s s u e s were being quoted above par i n c o n t r a s t t o the below-par quotations
of r e c e n t months 0 (See Table 6 . )
OFFICIAL USE ONLY
OFFICIAL "JSE ONLY
Table 2@ Gross Placements i n German S e c u r i t y Markets
( i n m i l l i o n s of DMS monthly or monthly average)
"Occasional"-borrowers' bonds2
Industrial
Public authorityForeign i s s u e r s
Other bonds a /
Total
Mortgage and communal bonds
-Total gross bond placements b /
Gross share placements~
Total security placements
at issue value
I
1961
III
II
IV
I
11
1962
I I I Octo
Novo
79
117
211
112 72
3lU 136
32 - 89 132
15U _U8
79
lUl 213
5U7 3U0
6 2 5 _ 397
219
526
1,107
525
735
U71
U06
3o5
3gU
263
352
1,U61
999
957 8U6
39
UUl
16
78
101
581
8U
U6U
5o
«
130
i M w
185 205
113
358
uo
309
139
1
1 , 0
172 121
1 , 3 9 7 998 1 , 3 2 9
989
i y
768
a7"~Tfostly bonds of s p e c i a l i z e d c r e d i t i n s t i t u t i o n s s e s p e c i a l l y i n 1961.
b / Includes medium-term notes' (Kassenobligationen) <,
During 1962 ^ s a l e s of f i x e d - i n t e r e s t bearing s e c u r i t i e s on the
German c a p i t a l market t o t a l e d more than DM 12 b i l l i o n ^ an increase of 25
per cent or approximately DM 2,U b i l l i o n more than the 1961 t o t a l 0 The
Bundesbank estimates t h a t the i s s u e of i n t e r e s t - b e a r i n g s e c u r i t i e s financed
22 or 23 per cent of t o t a l new investment i n 19620
The r e c e n t strengthening of the bond market has been due in p a r t
t o the t r a n s f e r of funds from the stock marketo Considerable support has been
l e n t by l a r g e - s c a l e purchases of r e c e n t f l o t a t i o n s by f o r e i g n e r s who have
been attracted by the high r e t u r n s on German s e c u r i t i e s 5 i n Europe 9 Austrian
s e c u r i t i e s axone o f f e r a higher r a t e of r e t u r n on investment„
The Central Capital Market Committee has decided t o hold the
' i n t e r e s t r a t e a t the 6 per cent .level 0 In both 1961 and 1962 the r a t e f e l l
below 6 per cent e a r l y i n the year only t o s u f f e r a setback i n t h e spring
which adversely a f f e c t e d market volume f o r months» To support the 6 per cent
i n t e r e s t r a t e , the Central Committee i s urging new "occasional" borrowers'
i s s u e s t o t a l i n g DM 1„2 b i l l i o n onto the market during January and February,
This t o t a l includes f l o t a t i o n s of DM 800 m i l l i o n by p u b l i c a u t h o r i t i e s and
DM I4.OO m i l l i o n of i n d u s t r i a l i s s u e s 0
In the f i r s t week in January <, a 6 per cent DM I4.OO m i l l i o n Federal
loan was immediately oversubscribed,, The government took advantage of the
improved market conditions t o lengthen the time to maturity to 15 years 0
OFFICIAL USE ONLY
- 5 =
OFFICIAL USE ONLY
In October and December the government had been f o r c e d t o s h o r t e n t o 10 y e a r s
the time t o m a t u r i t y t o i n s u r e f u l l s u b s c r i p t i o n of i s s u e s a t p a r under the
t h e n e x i s t i n g market c o n d i t i o n s , Redemption i s scheduled t o begin a f t e r the
f i f t h y e a r and the l o a n i s n o n - r e c a l l a b l e f o r t e n y e a r s . Foreign i n v e s t o r s
subscribed UO per c e n t of the issue®
Stock m a r k e t . P r i c e s on the German s t o c k market r o s e s t e a d i l y
during November and by the beginning of December the F r a n k f u r t e r Allgemeine
g e n e r a l index stood 30 p e r cent above the October 12th low p o i n t of 132»
(See Chart 7 . ) The r i s e i n stock p r i c e index came to a h a l t on November 30
a t 17U, as e n d - o f - y e a r s a l e s n e c e s s i t a t e d by t a x payments and bank l i q u i d i t y
requirements depressed t h e market. The s t o c k index s l i p p e d g r a d u a l l y t o 163
on December 19; a f t e r r e c o v e r i n g s l i g h t l y during t h e remainder of the month,
i t continued t o weaken t o 15>9 on January l £ , d e s p i t e t h e s t r e n g t h e n i n g of
p r i c e s on Wall S t r e e t . Rumors of a t a x i n c r e a s e , although o f f i c i a l l y d e n i e d ,
and an a s s e r t i o n by unions t h a t t h e y i n t e n d t o pursue a more a g g r e s s i v e wage
p o l i c y i n 1963 a r e s a i d t o have caused i n v e s t o r s t o withdraw from the market.
Trading has taken p l a c e on a t h i n market.
^
German f o r e i g n t r a d e . Because of an unusual bulge i n m i l i t a r y
i m p o r t s , t h e s e a s o n a l l y - a d j u s t e d German t r a d e s u r p l u s f e l l a b r u p t l y from
$11S m i l l i o n i n October t o $27 m i l l i o n i n November. The r e s u l t i n g t r a d e s u r p l u s of $27 m i l l i o n i s the s m a l l e s t on r e c o r d t h i s y e a r . (See Table 3 . )
Table 3 . German Foreign Trade
( s e a s o n a l l y a d j u s t e d ) monthly averages i n m i l l i o n s of U.S. d o l l a r s )
1961
III
1962
II
III
JL
II_
Exports
Imports
1037
86U
1071
917
1085
918
1052
9U7
1083
.236
1083
a/999
1105
102U
Surplus
173
15U
167
105
1U7
8U
81
IV
E
Old
New
Series Series
Octo
Nov.
1123 1109
1032 J9k
1115
1088
91
115
27
a / Change i n import accounting p r o c e d u r e . As-of A p r i l 1962 r e t r o a c t i v e
toTJanuary 1 , goods e n t e r i n g and t h o s e a l r e a d y s t o r e d i n bonded warehouses
recorded as imports i n c o n t r a s t t o old procedure of r e c o r d i n g goods a s imports
upon t h e i r d e p a r t u r e from bonded warehouses.
Had m i l i t a r y imports been maintained a t normal l e v e l s (an average of $U0 m i l l i o n
i n r e c e n t months), t h e November s u r p l u s would have been i n l i n e w i t h those
of September and October. Trade r e s u l t s f o r the f i r s t e l e v e n months of 1962
show e x p o r t s t o be U.2 per c e n t h i g h e r than i n the comparable p e r i o d of 1961$
t h e i n c r e a s e i n imports was approximately 1 1 . 3 p e r c e n t a f t e r adjustment f o r
s p e c i a l s t a t i s t i c a l f a c t o r s (see note t o Table 3).
OFFICIAL USE ONLY
"
OFFICIAL USE ONLY
Foreign exchange r e s e r v e s , Bundesbank gross gold and f o r e i g n
exchange r e s e r v e s r o s e §82 m i l l i o n i n October and t h e f o r e i g n exchange a s s e t s
of t h e German commercial banks i n c r e a s e d &32 m i l l i o n during the month so
t h a t the combined r e s e r v e gain f o r October t o t a l e d $ l l l i m i l l i o n (See Table i t . )
The flow of funds was reversed i n Novembers when Bundesbank r e s e r v e s f e l l
$80 m i l l i o n . This d e c l i n e was p a r t i a l l y o f f s e t by a gain of $17 m i l l i o n i n
commercial bank f o r e i g n exchange r e s e r v e s but combined r e s e r v e s r e g i s t e r e d a
l o s s of $62 m i l l i o n f o r the month of November•
Table k» German Foreign Exchange Reserves
( i n millions~of U0So d o l l a r s ]
"
III
1961
IV
I
1962
tn.'
Oct,
Bundesbank
Commercial banks a /
-570
- 71
+ 68
-k27
-163
+601
+L8
-89
+2I4.0 + 82
-208 ^ 3 2
Total
"6I4I4
-3#
+138
4i0
+ 32 + i l l r -
Nov.
-80
Dec 0
Jan.15
X-ut
n.a.
y-iuu
n.a.
1i. R , a .
n.a.
b / Not completely comparable t o d a t a f o r e a r l i e r p e r i o d due t o d i f f e r e n c e s
of v a l u a t i o n .
Europe and B r i t i s h Commonwealth S e c t i o n ,
lie
Nine Charts on F i n a n c i a l Markets Abroad
Chart
Chart
Chart
Chart
Chart
Chart
Chart
Chart
- I n t e r e s t A r b i t r a g e 9 United States/Canada
- I n t e r e s t A r b i t r a g e 3 New York/London
- I n t e r e s t A r b i t r a g e f o r German ,Commercial Banks
- I n t e r e s t A r b i t r a g e s Frankfurt/London
- S h o r t - t e r m Bond Yields
-= Long-term Bond Yields
- I n d u s t r i a l Stock Indices
- Spot Exchange Rates — Major Currencies
Against T70S0 D o l l a r
Chart 9 - 3-month Forward Exchange Rates
1
2
3
U
£
6
7
8
OFFICIAL USE ONLY
Table 5 „ Germany: Selected Money Market Yields and Exchange Rates
(per cent per annum)
3-mo. Euro3-mo. inter- Spread
dollar deposits
bank loans
in favor
London
London
Frankfurt
1962-Jan.
Feb.
Mar 0
Apr.
MayJune
July
Aug.
Sep.
Oct.
Nov.
Dec.
1963-Jan,
a/
5
16
30
27
25
27
2h
21
26
23
7
Hi
21
28
u
11
3.63
3.UU
3.69
3.20
3.81
3.66
3.9L
3.72
3.9U
U.13
U.13
U.06
li.31
lwl3
U.13
3.00
2.75
2.63
2.9k
3.13
n.a.
3.31
3.38
3.19
U.50
U.31
li.31
li.31
li.25
ii.UU
3.97
3.12
3.12
•
+0.50
+0,56
+1.06
+0.56
+0.68
n.a.
+0.63
+0.31
+0.75 •
-0.37
-0.18
-0.25,
0.00
-0.12
-0.31
3-mo. U.S. $
into Marks
Co**.,
bank —/ Market
+0.25
+0 0 50
+0,25
+0.25
+0.25
+0.25
+0.50
+0.75
+0.75
+0,50
+0.50
+0.50
+0.50
+0.50
+0.50
+0.85
+0.50
+0.57 : +0.75
- 7 -
3-*o. Treas. bills
Ml
Qer.
+0.95
+0.62
+0.35
+0.32
+0.35
+0.21
+0.82
+O063
+0.65
+0.75
+0.10
n.a.
-0.20
—1.20
+0.50
U.3U
5.16
U.3U
U.03
3.69
3.78
3.81
3.69
3.63
3.78
3.66
3.56
3.53
3.53
3.66
1.88
1.88
2.00
2.13
2.13
2.25
2.38
2.50
2.50
2.63
2.63
2.63
2.63
2.63
2.63
2.7k
2.83
2.75
2o7U
2.69
2.7U
2.88
2.82
2.76
2.73
2.8U
2.8U
2.85
2.88
2.93
+0.U0
+0.U0
3.50
3»Ul
2.63
2.63
2.90
2.89
Bundesbank special rate for 2 to 6 month deposits.
Table 6 . Germany?
Selected Loan, Deposit and Security Rates
(per cent per annum)
Comm.
6-12 mo. deposits
bank
,
loans 2/
Savings
Time
Bond yields
5-1/2? Public
Railway author1958-83 ities
Share
Yields
Yield
m
1960-March
Dec,
8.50
8.50
3.75
It.50
3.25
3.50
6.3
5.9
6.U
6.2
2.27
1.96
U.i
ii.2
1961-Maroh
Dec.
8.00
7.50
U.25
3.50
3.25
2.75
5.8
6.0
5.9
6.0
2.11
2.U9
3.7
3.5
3. SO
2.75
3.50
2.75
2.75
3.SO
2.75
3.50
2.75
.3.50
2.75
3.50
3.50
2.75
2.75
3.50
2.75
3.50
2.75
3.50
2,75
3.50
2,75
3.50
account#
5.8
5.7
5.6
6.6
5.7
5.8
5.8
5.8
5.9
6.0
6.1
6.1
5.9
5.7
5.6
5.6
5.8
5.9
5.9
6.0
6.0
6.2
6.2
2.57.
2.61
2.65
2.77
3.23
3.U9
3.71
3*58
3.79
3.89
3.3U .
n.a.
3.3
3.1
3.0
2.8
2.6
2.3
2.1
2.2
2.1
2.1
2.8
n.a.
1962f-Jan.
7.50
'Feb.
7.SO
Mar.
7.50
Apr.
7.50
May
7.50
June
7.50
July
7.50
Aug.
7.50
Sept.
7.50
Oct.
7.50
Nov.
7.50
Dec.
7.50
Approved
c
r
e
d
i
t
s
on c u r r e n t
Ml
INTEREST
ARBITRAGE,
THREE-MONTH
RATE
RATE
U N I TIED S T A T E S / C A N A D A
TREASURY
DIFFERENTIAL
DIFFERENTIAL
AND
WITH
BILL R A T E S
FORWARD
FORWARD
CANADIAN
DOLLAR
EXCHANGE
COVER
I N T BREST A R B I T R A G E ,
3-MONTH
TREASURY
NEW
BILL
YORK/LONDON
RATES
RATE D I F F E R E N T I A L A N D
F
~ 3 -M O NTH F O R W A R D STERLING
< o
1
1
I
I
1
E DIP FERE N T I A L W I T H
[ W A R D EXCZ H A N G E C O V E R
j
J
IN F A V O R 1» f I O N !
i
-
UAJ
A V O R 1a ; HEW Y O R K \
1I
I 1
1 1 u !
M
11
1 1 1 f
J
»««
1960
5
11
1 1 1 I
1
|
I i
11
11
11
INTEREST
Friday
ARBITRAGE
FOR
GERMAN
COMMERCIAL
BANKS
figures
2 ; M O N
T H
Per
TREASURY
-JU_RO-DOlLAR
BILLS,
DEPOSIT
V/\
INTERBANK
LENDING
RATE
AND
RATES
IUB0-D0UA8
G E R M A N T R E A S U R Y BILL
RATE
DIFFERENTIAL
AND
RATE
DIFFERENTIAL
WITH
NIT I N C E N T I V E : .
FORWARD
FORWARD
DEUTSCHE
EXCHANGE
MARK
COVER
IN F A V O R O F F R A N K F U R T ( + )
J
INTERBANK LOAN RATE
;V\/W
T R E A S U R Y BILLS
tent
per
a n n u m
w
I N T E R E S T A R B I T R A G E, F R A N K F U R T / L O N D O N
Friday tjguret
Per cent per annum
" 3 - M O N T H T R E A S U R Y BJLLS A N D
INTERB A N K L E N D I N G RATES "
\ A
GERMAN INTERBANK 7
' RATE D I F F E R E N T I A L A N D
|
- 3 - M O N T H FORWARD STERLING
G E R M A N T R E A S U R Y BILLS
V-/—v\
RATE D I F F E R E N T I A L W I T H
FORWARD
NET I N C E N T I V E O F U N I T E D K I N G D O M OVERT
EXCHANGE COVER
GE
5_har'.-!
SHORT-TERM
INTEREST
RATES
I \
-fc 3-month treasury b'll rnirv lor fill countnr*. •
"I™ 3 month r a t e lor U 5 dollar c h j p o n i i it.
CANADA
l i p o n (.1 month inlorlxink d e p a r t rote) nn,( 3witr<.-rlond (3 m o n t h c l e p o n t roto)
LONG-TERM
BOND
YIELDS
•>v
rN
r
/
/""X-Vv » ^~ : ;Xv" 1
kl^LUI I I I
INDUSTRIAL
N o t *•
Jopon
STOCK
INDICES*
f n d e * of a l l i t o r b v f f o d#» d o n T o k y o <* * c fin n Q e
15
SPOT
E X C H A N G E RATES
- MAJOR
CURRENCIES
AGAINST
U.S.
DOLLAR
16
\
rT-S-
3-MONTH
|
FORWARD
EXCHANGE
AGAINST
U . _S_. D O L L A R S
AGAINST
POUND
STERLING
-
RATES
LONDON
IIV
U.S. DOLLAR j
j AGAINST
POUND
STERLING
FRENCH
- LONDON
FRANC A
@FedFRASER