Dollar Slumps Against Yen

Wed., Sept. 10, 1997

The dollar suffered its worst one-day drop against the yen in a month on Tuesday after a Treasury Department official raised trade tensions with Japan, but gained against the mark as prospects for higher German interest rates dimmed.

The dollar sharply reversed its recent rally against the yen after Deputy Treasury Secretary Lawrence Summers was quoted as saying Washington is worried Japan will rely too heavily on exports to revive its economy, widening its trade surplus.

“Given that there weren’t a lot of other things to focus on, this certainly drew the market’s attention,” said Michael Faust, a foreign-exchange strategist with Bailard, Biehl & Kaiser, a Foster City, Calif., money-management firm.

Exchange Currency in Dollars Dollar in foreign currency Canada .7226 1.3839 France .1640 6.0965 Germany .5514 1.8135 Great Britain 1.5881 .6297 Italy .000566 1766.00 Japan .008408 118.93 Mexico .128700 7.7700

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Dollar Slumps Against Yen

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