Dollar Drops Sharply Against Yen
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