Dollar Falls Against Yen

Wed., June 17, 1998

The dollar fell from its near eight-year highs against the yen Tuesday as a report surfaced that a top U.S. Treasury official was traveling to Japan for emergency discussions with top finance officials.

The dollar also dropped 1-1/3 German marks, although Tuesday’s action was centered on the yen.

A Japanese newspaper reported that Deputy Treasury Secretary Lawrence Summers was traveling Thursday to see the Japanese Finance Ministry officials. Traders assumed they would discuss coordinating intervention to prop up the yen.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6803 1.4700

France .1660 6.0225

Germany .5565 1.7970

Great Britain 1.6526 .6051

Italy .000566 1768.00

Japan .006970 143.47

Mexico .111154 8.9965

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Dollar Falls Against Yen

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