Dollar Tops 143 Yen

Fri., July 31, 1998

The dollar rose against the Japanese yen on Thursday, after Japan’s newly appointed finance minister signaled he would be unlikely to support a policy of aggressively intervening in currency markets to support the flagging yen.

Kiichi Miyazawa told a news conference in Tokyo that he thinks foreign exchange and stock markets should move “on their own,” and that central bank intervention in foreign exchange markets should not occur often.

The new finance minister said he preferred fiscal stimulus and tax cuts to boost the value of the yen.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6642 1.5056

France .1667 5.9655

Germany .5620 1.7795

Great Britain 1.6367 .6110

Italy .000570 1754.35

Japan .006961 143.66

Mexico .112108 8.9200

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Dollar Tops 143 Yen

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