Dollar Posts Major Gain Vs. Yen

Sat., Jan. 3, 1998

Associated Press

The dollar vaulted to its highest level against the Japanese yen in more than 5-1/2 years on Friday as the Asian currency crisis roared into 1998 by knocking the Malaysian and Philippine currencies to record lows against the dollar.

The U.S. currency’s powerful rally of more than 2 yen also pushed it to a nearly 4-month high vs. the German mark and boosted it against other major European currencies.

“The dollar is being sought across the board,” said Stephen Flanagan, chief dealer at Erste Bank.

In late New York trading, the dollar was quoted at 132.55 yen, up from 130.42 yen late Wednesday, to its highest point since reaching 132.90 yen on May 12, 1992. Financial markets in the United States were closed Thursday for New Year’s Day.

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