Dollar Moves Higher Against Yen

Sat., Nov. 29, 1997

Associated Press

The dollar jumped to a five-year high against the Japanese yen in thin trading Friday as dealers anticipated another failure in Japan’s ailing financial sector.

The U.S. currency also gained against the German mark on diminishing prospects for higher German interest rates but fell against the British pound as U.K. rates seemed poised to rise. Dealings occurred mainly in Asia and Europe as U.S. trading rooms were thinly staffed on the day after Thanksgiving.

The dollar’s rally against the yen was driven by fears that another Japanese financial institution would collapse over the weekend. Three firms, including Japan’s oldest brokerage, have shut down this month as the country’s financial sector struggles under bad debt.

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