Dollar Soars Against Yen

Wed., Jan. 13, 1999

The dollar soared against the yen Tuesday as the Bank of Japan’s intervention in foreign exchange markets reversed the ascent of the Japanese currency, which was fueling the rising costs of exports.

The dollar fell against other major currencies, including the euro.

Traders said the Bank of Japan spent $1 billion to $2 billion in foreign exchange markets as it dumped yen. The dollar, after sliding from a high of more than 147 yen in August to a 28-month low on Monday, rose more than 4 yen on the back of the surprise intervention.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6612 1.5125 Euro 1.15550 .8654 France .1761 5.6786 Germany .5908 1.6926 Great Britain 1.6308 .6132 Italy .000597 1675.04 Japan .008894 112.43 Mexico .098863 10.1150

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Dollar Soars Against Yen

Jesse Tinsley

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