Dollar Weakens, Yen Strengthens

Sat., Nov. 9, 1996

Associated Press

The dollar weakened further Friday on fear that Japan and the United States now want a stronger yen, despite assurances from top Japanese officials that their foreign-exchange policy remains unchanged.

Traders were skeptical because the backtracking came a day after the dollar’s plunge. Many suspected it was merely an attempt to slow the fall. Their doubts were increased by a conspicuous lack of comment from U.S. officials supporting the dollar.

Traders reacted by selling the dollar going into the weekend.

“There seems to be a degree of concern out there,” said Joseph Pedone, vice president at the New York branch of Japan’s Dai-Ichi Kangyo Bank.

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.