Dollar Drops Against Yen, Mark

Tue., Nov. 3, 1998

The dollar fell against the yen Monday as a reported alliance between two of Japan’s largest banks boosted speculation of further consolidation in the country’s faltering banking sector.

The dollar’s fall against the German mark was muted by rising U.S. stocks.

Japanese stocks and the yen rallied Monday on news that Fuji Bank Ltd. and Dai-Ichi Kangyo Bank Ltd. were considering forming a strategic alliance in trust banking operations.

The reports led to speculation that other banks might merge or form alliances. Japan, in its worst recession in 50 years, has passed laws to aid the ailing banking sector.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6523 1.5331 France .1803 5.5455 Germany .6049 1.6533 Great Britain 1.6642 .6009 Italy .000611 1635.60 Japan .008716 114.73 Mexico .099651 10.0350

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Dollar Drops Against Yen, Mark

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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