Intervention Threat Lifts Yen

Wed., Aug. 5, 1998

The dollar fell Tuesday against the Japanese yen after that nation’s finance officials warned they would intervene in foreign exchange markets to boost the sagging yen.

Also hurting the U.S. currency was a sell-off on Wall Street, with the Dow Jones industrial average plunging nearly 300 points in the third-biggest point loss ever.

The dollar began its fall during Asian trading after Haruhiko Kuroda, head of the Finance Ministry’s international bureau, said Japan was prepared to take action on what he called the “excessively weak” yen.

Exchange Currency in Dollars Dollar in foreign currency Canada .6598 1.5155 France .1680 5.9520 Germany .5634 1.7748 Great Britain 1.6345 .6118 Italy .000571 1751.00 Japan .006898 144.97 Mexico .111445 8.9730

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Intervention Threat Lifts Yen

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