Bank Intervention Boosts Yen

Fri., April 10, 1998

Surprise intervention by Japan in U.S. foreign exchange markets Thursday gave the faltering yen a temporary boost.

The Bank of Japan purchased yen by selling between $1 billion and $2 billion in what Japanese Finance Minister Hikaru Matsunaga characterized as “a decisive action.”

The reaction was immediate and sharp. The dollar’s value - which had hit a 6-1/2-year high of 135.2 yen on April 3 - plunged from 133.6 yen to 129.5 yen. The intervention ultimately kept the dollar at Wednesday’s level.

Exchange Currency in Dollars Dollar in foreign currency Canada .7027 1.4230 France .1637 6.1075 Germany .5487 1.8224 Great Britain 1.6700 .5988 Italy .000555 1801.00 Japan .007623 131.19 Mexico .117647 8.5000

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Bank Intervention Boosts Yen

Jesse Tinsley

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