Dollar Up Vs. Yen, Down Against Mark

Sat., Dec. 20, 1997

Associated Press

The dollar rose against the Japanese yen Friday after another Japanese bankruptcy fed worries about the country’s economy, but the U.S. currency ended flat vs. the German mark after those concerns battered Wall Street.

European and U.S. stock markets weakened after the Tokyo Stock Exchange’s main index plunged more than 5 percent in reaction to the failure of Toshoku Ltd., a major Japanese food trading company. It was the ninth publicly traded Japanese company to fail this year.

Traders pushed the dollar higher against the yen for the second consecutive session as the global stock market declines added to worries that Japan is not doing enough to revive its struggling economy, even with a $15 billion tax cut proposed by the government.

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