Dollar Dives On Japanese Actions

Thu., Dec. 18, 1997

The dollar suffered its sharpest drop in nearly seven years Wednesday after Japan’s central bank launched a rare sale of dollars for yen and the government proposed a $15 billion tax cut aimed at reviving Japan’s sagging economy.

The U.S. currency dropped nearly 6 yen from an intraday high of 131.53 after the Bank of Japan intervened in the market to support the yen for the first time since August 1992.

The dollar recouped some of its losses later in the session, but its intraday plunge was the biggest since January 1991.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7031 1.4222

France .1684 5.9380

Germany .5639 1.7735

Great Britain 1.6521 .6053

Italy .000574 1741.25

Japan .007869 127.08

Mexico .124224 8.0500

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.

Dollar Dives On Japanese Actions

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

US considers buying Chagos Islands, Telegraph reports

U.S. eyes Iranian assets for Gulf allies' reconstruction, source says

'Overreaction'? Canada bars Texas livestock over New World screwworm