Dollar Passes 120-Yen Barrier

Sat., Aug. 30, 1997

Associated Press

The dollar crossed the 120-yen level for the first time since May and rose against the mark Friday on unrest in Asia’s financial markets and a steady outlook for German interest rates.

The dollar’s sharp rise - to levels that could compound U.S.-Japan trade friction - also was aided by strong U.S. economic data.

The dollar hit a peak of 121.13 yen before settling at 120.80 in New York, up from 119.12 late Thursday. It last traded above 120 yen on May 9. The dollar was quoted at 1.8095 marks, up from 1.7961.

Asian stock markets tumbled for the second straight day and several currencies hit record lows against the dollar as traders lost confidence that those governments can solve their economic problems.

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