Dollar Hits 7-Year High Vs. Yen

Tue., June 9, 1998

The dollar rose past 140 yen Monday for the first time in seven years, as investors again turned to U.S. assets and moved further from the ever-weakening Japanese economy.

The dollar rose against the German yen and other major currencies, but dealers were more concerned with dollar-yen trading.

Traders had no fresh economic data or declarations to guide them, so they focused on economic fundamentals.

As recently as Friday, with news that U.S. unemployment had remained at a 28-year low, investors have applauded the growing U.S. economy.

In Japan, stock and property prices are in an eight-year slump and some economists say that Japan already is in a recession.

Exchange Currency in Dollars Dollar in foreign currency Canada .6861 1.4575 France .1676 5.9680 Germany .5620 1.7794 Great Britain 1.6337 .6121 Italy .000570 1753.50 Japan .007107 140.71 Mexico .113443 8.8150

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Dollar Hits 7-Year High Vs. Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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