Dollar Loses Ground To Yen

Wed., June 3, 1998

The dollar fell against the Japanese yen Tuesday as traders speculated that the Group of Seven major industrialized nations will jointly intervene to help Japan prop up the yen.

The dollar rose slightly against the German mark during lackluster trading.

The dollar regained a seven-year high during Asian trading but started to fall against the yen on an unconfirmed report by a major Japanese newspaper, Yomiuri Shimbun, that senior G7 officials will meet to discuss yen weakness and Russia’s economic crisis.

Traders feared the meeting would lead to joint intervention knocking down the U.S. currency.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6883 1.4528 France .1674 5.9735 Germany .5616 1.7806 Great Britain 1.6393 .6100 Italy .000570 1755.00 Japan .007203 138.83 Mexico .113058 8.8450

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Dollar Loses Ground To Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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