Hanwa Co. Whipsaws Far East FX Market Japanese Banks Complain To Bank Of Japan
CORPORATES
Japanese steel concern Hanwa Co. Ltd. became the latest villain in the foreign exchange market after it rocked markets in Tokyo last week, whipsawing a number of the Japanese banks who complained to officials at the Bank of Japan (BOJ). The BOJ had its own agenda after it was forced to intervene in an effort to calm the shaken market, sources in Tokyo say.
While Hanwa has done large trades in Tokyo before, sources contacted in Tokyo say that there were several reasons why the local banks voiced
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