November 22, 1997

Dollar Mixed As Traders Watch Yen

Associated Press
 

The dollar was mixed Friday as foreign exchange traders awaited details on bailout packages for Japan’s financial sector and for South Korea’s struggling economy.

Traders were nervous about the size of the packages, which if large enough would benefit the Japanese yen. In the meantime, the dollar rose to 126.40 yen in New York trading from late Thursday’s 126.03 on reports of the collapse of a leading Japanese securities firm.

There was some speculation that the Japanese government might announce a rescue package for the country’s financial industry over the weekend. The financial sector has been bogged down by a struggling economy, bad loans and a payoff scandal.

© Copyright 1997 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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