Dollar Loses Ground To Yen

Wed., Aug. 19, 1998

The dollar fell against the Japanese yen Tuesday as rumors flew that Asian central banks were selling U.S. Treasury bills to raise cash as a possible prelude to an attempt to lift the yen.

The dollar, emboldened by rising U.S. stock markets, rose against the German mark as traders took profits from the mark’s rise Monday.

Traders surrendered their dollars as Japanese officials, notably Finance Minister Kiichi Miyazawa and his influential vice minister for international affairs, Eisuke Sakakibara, continued talking about intervening to prop up the frazzled yen.

Exchange Currency in Dollars Dollar in foreign currency Canada .6542 1.5287 France .1656 6.0385 Germany .5551 1.8015 Great Britain 1.6152 .6191 Italy .000564 1774.05 Japan .006897 145.00 Mexico .108578 9.2100

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Dollar Loses Ground To Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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