[Strategist: U.S. Treasury Suspected of Using Euros to Intervene in Yen, Avoiding Dollar Weakening] BlockBeats News, August 3, strategists stated that the U.S. Treasury might be using euros instead of dollars to fund its yen-buying program in order to avoid devaluing its own currency and to prevent its strong dollar policy from being questioned. Two informed sources revealed that the Federal Reserve Bank of New York last Friday asked at least two major U.S. banks to inquire about the yen-to-euro exchange rate. 'The U.S. likely does not want to be seen as selling dollars,' said David Forrester, a senior strategist at Crédit Agricole in Singapore. He added, 'The U.S. maintains a strong dollar policy and does not want to be perceived as trying to gain a competitive advantage by weakening its own currency, as such actions would go against the G20 consensus on foreign exchange policies. If the U.S. Treasury were to sell dollars, it would not look good from an image perspective, so they might choose to use euros instead.' Jason Wong, a currency strategist at Bank of New Zealand in Wellington, noted, 'The ultimate effect is essentially the same, as the funds will eventually need to be reallocated back to euros at some stage. This could mean that the U.S. will still end up selling dollars, but this approach is less transparent.'