[PEN-L:32888] US: Another industrialist at the US treasury?

[Sabri Oncu <soncu@xxxxxxxxxxx>]

12/09 00:21
Dollar Falls Against Yen; Post Reports Snow to Replace O'Neill
By John Brinsley


Tokyo, Dec. 9 (Bloomberg) -- The dollar fell for a second day
against the yen after the Washington Post reported that U.S.
President George Bush chose John W. Snow, chairman of CSX Corp.,
as Treasury secretary.

Bush's decision to replace ousted Treasury Secretary Paul
O'Neill, formerly chairman of Alcoa Inc., with the head of the
U.S.'s third-biggest rail system fueled speculation the
administration may advocate letting the dollar weaken further.

The dollar fell to 122.85 yen at 2:09 p.m. in Tokyo, from 123.51
late Friday in New York. It was also at $1.0111 against the euro,
from $1.0094. The U.S. currency has dropped 6.7 percent against
the yen and 14 percent against the euro this year.

"The appointment of someone from industry is disappointing for
the dollar," said Shigehiro Kamimura, manager of the market
trading department at Asahi Bank Ltd. "It implies the U.S. won't
tolerate a weaker yen."