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Iran asks japan to stop paying using US dollar { June 2007 } Original Source Link: (May no longer be active)    http://www.bloomberg.com/apps/news?pid=20670001&refer=worldwide&sid=aLaColVYu5LA http://www.bloomberg.com/apps/news?pid=20670001&refer=worldwide&sid=aLaColVYu5LA Iran Asks Japan to Pay Yen for Oil, Start Immediately (Update1) By Megumi Yamanaka July 13 (Bloomberg) -- Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, after Iran's central bank said it's cutting holdings of the U.S. dollar. Iran wants yen-based transactions ``for any/all of your forthcoming Iranian crude oil liftings,'' according to a letter sent to Japanese refiners that was signed by Ali A. Arshi, general manager of crude oil marketing and exports in Tehran at the National Iranian Oil Co. The request is for all shipments ``effective immediately,'' according to the letter, dated July 10 and obtained by Bloomberg News. The yen rose on expectations for an increase in demand for the currency to buy shipments from Iran, Japan's third-largest oil supplier. Central bankers in Venezuela, Indonesia and the United Arab Emirates have said they will invest less of their reserves in dollar assets because of the weakening currency, while the United Nations Security Council is preparing for another round of sanctions against Iran because of the nation's nuclear research. ``What else can Japan do but to accept the request, once the oil producer sent its wish?'' said Hirofumi Kawachi, an analyst at Mizuho Investors Securities Co. in Tokyo. ``The tensions between the U.S. and Iran are escalating, and it's Iran's measure to hedge risk.'' A spokesman for Iran's oil ministry in Tehran said he could neither confirm nor deny that the letter had been sent. Most Japanese oil refiners have until now used U.S. dollars to pay Iran for oil, said the spokesman, who declined to be identified by name because of government policy. Yen Advances The yen advanced to 122.15 per dollar at 10:34 a.m. in New York, from 122.42 late yesterday. The Islamic republic, holder of the world's second-largest oil and gas reserves, has refused to halt uranium enrichment that it says is for use in nuclear power plants to produce electricity. The U.S. says Iran seeks instead to develop an atomic bomb. Enriched uranium can be used to make nuclear fuel or build nuclear weapons. The government in Tehran has failed to suspend its nuclear activities after the imposition of two sets of United Nations- sponsored sanctions since December. Iran isn't alone in wanting to drop the dollar for pricing oil. Russia has been examining plans to price the Urals oil export blend in rubles to curb currency risks. The nation plans to open the Energy Stock Exchange in St. Petersburg in the first half of next year to trade oil in rubles, UBS AG reported June 14. `New Payment Mechanism' Iran asked the refiners to use the yen exchange rate quoted at the Bank of Tokyo Mitsubishi UFJ on the date oil cargoes are loaded. The use of yen-based letters of credit for oil ``has finally been approved'' by the Iranian central bank and the NIOC, according to the letter, titled ``New payment mechanism for Iranian Crude Oil Cargoes.'' Payments from Japanese refiners to Iran rose 12 percent last year to 1.24 trillion yen ($10.1 billion), according to the finance ministry in Tokyo. Japan imported 1.59 million kiloliters of Iranian crude oil in May, the least since June 2006, according to government data. Iran is cutting its U.S. dollar reserves to less than 20 percent of total foreign currency holdings, and will buy more euros and yen as tensions with the U.S. increase, Central Bank Governor Ebrahim Sheibany said on March 27. Only Saudi Arabia and the United Arab Emirates are larger oil suppliers to Japan than Iran. Last Updated: July 13, 2007 10:59 EDT

10yr note less appealing as rates are cut { January 2008 } 1875 western loan shark operation Arab central banks move assets out of dollar to euro { March 14 2006 } Asia will diversify without dumping dollars { February 23 2005 } Asian banks dump dollar { February 22 2004 } Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Australia expects inflation { April 28 2004 } Bill clinton blasts dependence on asian currency Bmw bets on rebound for falling us dollar { March 18 2004 } Bonds plunge as US debt loses its appeal { June 12 2007 } Britain recolonization of america Buffet bets 21 billion against the dollar Buffet warns us deluging the world with dollars Bush bid weaken dollar against asia { September 24 2003 } Bush renominates greenspan for fifth term { May 18 2004 } Bush urges china on market based currency { October 2005 } Bush wants dollar drop against china currency { May 2008 } Bush weak dollar policy receiving praise Bush welcomes devalued dollar { November 8 2004 } Central banks reduce dollar holdings Central banks shift funds away from the US { January 24 2005 } Cheaper dollar scares foriegn investors { November 14 2004 } China continues to over value the dollar { April 2007 } China rumored selling dollars causing fall { November 7 2004 } China threatens to crash dollar { July 2007 } Citibank held pinochet accounts { March 16 2005 } Currency dissent Dollar decline after slow in rate hikes { December 2006 } Dollar depends on foreign investments { June 2007 } Dollar falls after europe urges asia to strengthen currency Dollar falls against euro betting on rate cuts { February 2008 } Dollar falls against yen and euro { February 2007 } Dollar falls further against euro { June 2007 } Dollar falls market ponders china surpise interest hike Dollar falls to record on china plans to diversity Dollar hits all time low versus euro { June 2007 } Dollar hits new low against euro { August 2007 } Dollar new low against euro nov 17 2004 Dollar record low as oil record high { October 29 2007 } Dollar rises six days before election Dollar sinks as fed cuts rates { August 2007 } Dollar under fire from all sides Dollar value climbs against euro { October 2005 } Dollars rises betting no more rate cuts { March 2008 } Dumping of dollar could trigger economic september 11 { August 29 2005 } Economists incorrectly claim high oil cause inflation Egyptian pound falls after unpegged from dollar { January 30 2004 } Exchange rates by short run currency trading { February 2005 } Fall dollar for trade imbalances Father of euro calls for global currency Fed raises interest on inflation risk Financial firms are less risk for IRS audits { April 11 2005 } Foreigners nervous about their dollar assets { October 16 2007 } G7 urge more flexibility currency Germany warns bush over dollar weakness { February 26 2004 } Gold falls to 5 week low on interest rate concerns Gold up as dollar weakens { June 2007 } Greenspan caters to inflation hawks Greenspan lets dollar slide raises gold Greenspan not worried from weakened dollar Greenspan replacement says print infinite money { October 25 2005 } Greenspan warns deficits pose risk to dollar { November 19 2004 } Growing fears of credit boom bursting { March 13 2005 } Imf advice Zimbabwe cause inflation { April 16 2004 } Inflation caused by printing too much money Inflation up when oil prices down { July 18 2007 } International buying of US assets increase { June 2007 } Investor says avoid dollar at all costs { June 30 2008 } Iran asks japan to stop paying using US dollar { June 2007 } Japan intervenes in dollar by weaken japanese currency Japan selling yen possibility causes yen fall Japan soaking up huge selling to strengthen dollar { March 8 2004 } Japan threatens to diverse central bank holdings Korean central bank will diversify reserves { April 6 2001 } Kuwait currency allowed to rise against dollar { May 11 2006 } Latin america incorporating US dollar { October 12 2007 } Long term rates stay low despite short term rates { September 20 2005 } Low interest trade deficit causes devaluing dollar Low value encourages investment outflows { January 5 2004 } Markets forcing fed to cut rates { September 2007 } No attempts to boost falling dollar Oil price strike puts inflation back on agenda { May 7 2004 } Oil soared as dollar fell { May 2008 } Overseas investors buy aggresively in US { January 20 2008 } Retail sales is two thirds of US economic Russia banks on europe not US Russia may switch to euro for currency stability South america plans single currency Strange dollar effect on the market Trade deficit swells to record 43bn { March 11 2004 } Trade gap narrows United nation pushing world currency US ballooning trade imbalances threatens world stability { April 7 2005 } US banks likely to fail over bad loans { May 29 2008 } Us issues color 20 bill { October 9 2003 } Us trade deficit threatens world economy { January 7 2004 } Us treasury may name currency manipulators { October 29 2003 } Venezuela dumps dollar reserves for euros { September 30 2005 } Warren buffett sees nowhere but down for dollar Weak dollar will help says greenspan White house says china is not manipulating money World bank board approves wolfowitz as next president { March 31 2005 } Yen sell off currency lower value Files Listed: 104

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