Dollar Falls Again Against Yen

Thu., July 2, 1998

The dollar fell against the yen Wednesday on continued optimism that Japan is finally ready to make the steps needed to correct its recessionary economy.

The dollar rose against the mark as Russian data released Wednesday showed its faltering economy in the starkest terms. Traders sold marks and bought yen on rumors Russia would devalue its currency, wreaking havoc with banking partner Germany.

Traders were buying yen because of recent news reports showing the slow-moving Japanese bureaucracy is putting forward meaningful economic reform plans.

Exchange Currency in Dollars Dollar in foreign currency Canada .6842 1.4615 France .1641 6.0935 Germany .5498 1.8187 Great Britain 1.6603 .6023 Italy .000558 1791.00 Japan .007243 138.07 Mexico .111857 8.9400

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Dollar Falls Again Against Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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