Concerns About Japan Boost Dollar

Tue., July 28, 1998

The dollar rose against the Japanese yen and German mark Monday as traders worried that Japan’s new leader won’t be aggressive enough to turn around the country’s moribund economy.

The U.S. currency advanced after the Tokyo Stock Exchange’s main index dropped to its lowest level in nearly a month. Investors feared that outgoing Prime Minister Ryutaro Hashimoto’s likely replacement, Foreign Minister Keizo Obuchi, won’t push through tough economic reforms.

Market rumors that Obuchi was having trouble deciding on a new finance minister added to dealers’ jitters about the yen. Former Prime Minister Kiichi Miyazawa is considered the leading candidate for the finance minister post.

Exchange Currency in dollars Dollar in foreign currency

Canada .6648 1.5042

France .1670 5.9875

Germany .5596 1.7870

Great Britain 1.6559 .6039

Italy .000568 1761.50

Japan .007022 142.41

Mexico .112549 8.8850

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Concerns About Japan Boost Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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