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Dollar Drops Sharply Against Yen

Thu., Jan. 8, 1998

The dollar dropped nearly 2 yen Wednesday on fears that an influential Japanese official would convince the United States to join an effort to hold down the surging U.S. currency.

The dollar also fell vs. the German mark as traders anxiously awaited details of a meeting between U.S. officials and Japanese Vice Finance Minister Eisuke Sakakibara.

Traders said he could sway U.S. officials to intervene in the market to sell dollars for yen if he assured them Tokyo would take definite measures to revamp its ailing financial system and revitalize its economy.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6978 1.4330 France .1641 6.0957 Germany .5488 1.8223 Great Britain 1.6273 .6145 Italy .000559 1789.25 Japan .007619 131.25 Mexico .124069 8.0600

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