Intervention Threat Boosts Yen

Tue., Aug. 25, 1998

The dollar fell nearly a yen Monday as an influential Japanese finance official continued raising the threat of intervention in foreign exchange markets to buttress the faltering currency.

The dollar was flat against the mark as traders downplayed the impact on Germany of the economic problems jostling Russia.

Eisuke Sakakibara, Japan’s vice finance minister for international affairs, renewed the possibility the nation’s central bank would intervene in currency markets to support the yen.

Sakakibara and other ministry officials have used “verbal intervention” successfully to move the yen from its current lows as the country undergoes its worst recession in decades.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6455 1.5492 France .1660 6.0225 Germany .5566 1.7966 Great Britain 1.6410 .6094 Italy .000564 1772.10 Japan .006935 144.20 Mexico .103395 9.6750

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Intervention Threat Boosts Yen

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