Dollar Gains Ground On Yen, Mark

Wed., Feb. 18, 1998

The dollar rose to its highest levels in more than two weeks against the Japanese yen and German mark Tuesday on lingering doubts about the strength of Japan’s planned economic stimulus package.

Trading was quiet coming off the long Presidents Day weekend. Lacking fresh market-moving news, dealers looked ahead to Friday’s unveiling of Japan’s latest stimulus package.

“The yen has come under a lot of suspicion that the promised stimulus package may fall short,” said Roger Chapin, foreign exchange manager at Banc One International in Columbus, Ohio.

Dealers also were looking ahead to a weekend meeting of finance ministers and central bankers from the Group of Seven industrial countries.

Exchange Currency in Dollars Dollar in foreign currency Canada .6942 1.4406 France .1634 6.1192 Germany .5476 1.8261 Great Britain 1.6327 .6125 Italy .000556 1800.00 Japan .007896 126.65 Mexico .118078 8.4690

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Dollar Gains Ground On Yen, Mark

Jesse Tinsley

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