Dollar Surges On Rubin’S Remarks

Fri., June 12, 1998

The dollar surged more than 2-1/2 yen to approach an eight-year high against the Japanese currency in a broad rally Thursday that was stimulated by Treasury Secretary Robert Rubin’s comments on the yen’s weakness.

Traders interpreted Rubin’s remarks as a sign there would be no coordinated international action to prop up the yen.

Testifying before the Senate Finance Committee, Rubin reiterated that Japan must revive its ailing economy.

He also said it will be up to Japan to stop the yen’s slide.

Exchange Currency in Dollars Dollar in foreign currency Canada .6800 1.4706 France .1648 6.0675 Germany .5529 1.8087 Great Britain 1.6273 .6145 Italy .000561 1781.00 Japan .006955 141.79 Mexico .110742 9.0300

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Dollar Surges On Rubin’S Remarks

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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