Japan’S Woes Boost Dollar

Wed., May 27, 1998

The dollar shot up nearly 2 yen Tuesday, hitting a seven-year high against the Japanese currency, on a report that the U.S. Treasury secretary would not object if the dollar rose even further to help the ailing Japanese economy.

The dollar also rose more than a pfennig against the German mark as Russia, Germany’s close trading partner, continued to encounter severe economic problems.

In late New York trading, the dollar was quoted at 137.83 yen, up from 135.90 late Friday; U.S. financial markets were closed Monday for the Memorial Day holiday. During the trading day, the dollar briefly hit 138.02 yen, a level not seen since Aug. 20, 1991.

Exchange Currency in Dollars Dollar in foreign currency Canada .6874 1.4548 France .1685 5.9330 Germany .5648 1.7705 Great Britain 1.6367 .6110 Italy .000574 1743.00 Japan .007255 137.83 Mexico .113895 8.7800

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Japan’S Woes Boost Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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