January 31, 1998

U.S. Dollar Rises Sharply Vs. Yen

Associated Press

The dollar shot higher against the yen Friday as skeptical traders responded to the appointment of a new leader to try to shape Japan’s finance ministry.

The dollar also rose against other leading currencies in a quiet session, climbing to 1.8299 German marks in late New York trading from 1.8280 Thursday.

But the dollar’s big gain was against the yen. The U.S. currency climbed to 126.85 yen in late New York trading from 125.67 yen Thursday, but finished below its earlier peak in Tokyo of 127.85 yen.

Japanese stocks also tumbled Friday with the selection of Hikaru Matsunaga, who promised to clean up the disgraced ministry. There were doubts Matsunaga had the political clout to achieve his goals.

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