Bearish Remarks Torpedo Dollar

Fri., May 9, 1997

The dollar continued falling against the yen Thursday in a broad sell-off after remarks by Japan’s top foreign exchange policy-maker suggested it could fall as low as 103 yen by year-end.

The comments from Eisuke Sakakibara, head of the Finance Ministry international finance bureau, stunned traders who had been speculating the dollar could touch 130 yen by the end of 1997.

His comments pushed the dollar to the lowest level in more than a month against the yen and left it sharply weaker against European currencies.

Currency in Dollar in Exchange Dollars foreign dollars

Canada .7222 1.3847 France .1736 5.7610 Germany .5854 1.7083 Great Britain 1.6200 .6173 Italy .000592 1689.00 Japan .008080 123.77 Mexico .126566 7.9010

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Bearish Remarks Torpedo Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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