Dollar Edges Up Against Yen

Tue., June 23, 1998

The dollar rose Monday against the Japanese yen and German mark after the Japanese government failed to provide global finance leaders with a strong economic recovery plan.

Finance officials meeting over the weekend in Tokyo unsuccessfully urged Japan to produce a concrete proposal to revive its sagging economy and clean up the bad debt plaguing its banks.

Early in Monday’s trading session, Japan’s ruling party said it would make a final decision by July 8 regarding the formation of a public bank to dispose of banks’ bad debts.

Fears of further intervention by U.S. and Japanese central banks restrained the dollar’s gains.

Exchange Currency in Dollars Dolalr in foreign currency Canada .6797 1.4712 France .1663 6.0135 Germany .5574 1.7941 Great Britain 1.6748 .5971 Italy .000566 1766.00 Japan .007238 138.16 Mexico .112448 8.8930

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Dollar Edges Up Against Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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