	exchange rates almost within g levels sumita bank of japan governor satoshi sumita said that current exchange rates are almost within the levels agreed to by six major nations last month in paris asked whether a dollar yen rate of or reflected economic fundamentals he said current rates almost reflect fundamentals sumita told reporters major nations have cooperated to bring about currency stability in line with the paris agreement which stipulated that they would closely cooperate to that end he repeated the central bank will intervene if necessary adding he did not think a dollar free fall was likely but sumita said he could not say exactly what currency levels would be considered in line with underlying economic fundamentals in paris on february britain canada france japan the u s and west germany agreed to cooperate to hold currencies around their then current levels sumita said he could not find any specific reasons behind the fall of the dollar to a record low against the yen yesterday but he said the market rushed to sell dollars as it nervously reacted to statements abroad and to developments surrounding trade tensions u s treasury secretary james baker said over the weekend that the paris pact did not encompass fixed tragets for the dollar u s trade representative clayton yeutter called u s japan relations on certain key trade issues very strained the market reacted nervously because the dollar has been moving narrowly against the yen since mid january sumita said he added he does not expect the yen dollar exchange rate to remain unstable because the market is concerned about a sharp rise of the yen the bank of japan will keep a close watch on exchange rates in line with the paris accord he added reuter 
