January 8, 1998 in Nation/World

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

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