Dollar Falls Against Yen, Mark

Wed., April 15, 1998

The dollar fell to a seven-week low against the German mark Tuesday and declined against other leading currencies on continued expectations of further intervention by Japanese authorities to prop up the yen.

Investors also were cautious ahead of a meeting of finance ministers from the world’s leading countries gathering in Washington and apprehensive about how the Group of Seven might react to Japan’s efforts to revive its ailing economy.

Traders said that a major trade sent the dollar tumbling against the mark.

Once the dollar falls against a major currency in such a fashion, “it tends to depreciate against other currencies as well,” said Dan Seto, a senior economist at Nikko Securities International Inc.

Exchange Currency in Dollars Dollar in foreign currency Canada .6976 1.4335 France .1656 6.0385 Germany .5475 1.8265 Great Britain 1.6852 .5934 Italy .000561 1782.85 Japan .007719 129.55 Mexico .118064 8.4700

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Dollar Falls Against Yen, Mark

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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