Dollar Climbs Against Yen

Fri., May 29, 1998

The dollar extended its seven-year high against the Japanese yen Thursday, as investors bought the U.S. currency as a safe haven after Pakistan set off five nuclear test explosions.

The dollar hit a high of 138.95 yen before falling back. The dollar has not been that high against the yen since July 1991.

Meanwhile, the dollar eased against the German mark, which benefited from nearby Russia’s attempts to contain its own economic problems.

Traders’ focus, however, was on the dollar-vs.-yen trades after Pakistan, in retaliation for India’s nuclear tests last week, exploded its own nuclear devices in a show of strength.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6872 1.4551

France .1675 5.9715

Germany .5617 1.7804

Great Britain 1.6263 .6149

Italy .000570 1755.00

Japan .007210 138.70

Mexico .113572 8.8050

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Dollar Climbs Against Yen

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