Japan Alliance Pushes Down Dollar

Fri., Nov. 20, 1998

The dollar fell against the yen Thursday as Japan’s ruling political party and its main opposition announced they were forming an alliance, which would facilitate the rapid implementation of fiscal stimulus plans to revive the economy.

The dollar was climbing during Asian trading when news came that the Liberal Democratic Party, the governing party in Parliament, had an agreement with its main opposition group, the Liberal Party.

The groups said they were interested in implementing a 10 trillion yen tax cut and a “radical revision” of an unpopular consumption tax.

Exchange Currency in Dollars Dollar in foreign currency Canada .6455 1.5491 France .1768 5.6555 Germany .5927 1.6873 Great Britain 1.6669 .5999 Italy .000599 1670.10 Japan .008334 119.99 Mexico .100806 9.9200

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Japan Alliance Pushes Down Dollar

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