Dollar Gains Ground On Yen

Fri., July 24, 1998

The dollar rose against the Japanese yen Thursday, boosted by news that Japan’s credit rating was in peril.

The dollar fell against the German mark and most other major currencies as investors focused more on the yen’s volatile trading.

The dollar rose above 142 yen for the first time since July 13 after Moody’s Investors Service warned that it may downgrade Japan’s triple-A rating, which would increase the country’s borrowing costs. Moody’s also noted that Japan was not expected to cure its recessionary economy soon.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6693 1.4940

France .1669 5.9910

Germany .5597 1.7868

Great Britain 1.6499 .6061

Italy .000568 1762.00

Japan .007073 141.38

Mexico .112714 8.8720

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Dollar Gains Ground On Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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