Dollar Surges Against Yen

Wed., May 13, 1998

The dollar rose sharply against the yen Tuesday, as Japanese long-term interest rates fell to a record low and traders continued to worry about economic and political instability in Asia.

But the dollar eased against the German mark, which has benefited from optimism about Europe’s planned common currency.

The dollar rose early against the yen after the yield on Japan’s benchmark long-term government bond tumbled.

The U.S. currency also was aided by bargain-hunting after it sank to 132 yen on Monday, said Tatsuya Enomoto, head of trading at Sumitomo Bank Ltd. in New York. U.S. traders “thought the price was attractive when the dollar was at 132.50, so that pushed it higher,” Enomoto said.

Exchange Currency in Dollars Dollar in foreign currency Canada .6974 1.4338 France .1680 5.9520 Germany .5630 1.7762 Great Britain 1.6321 .6127 Italy .000571 1751.00 Japan .007459 134.07 Mexico .117606 8.5030

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Dollar Surges Against Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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