Word: yen
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...Tokyo, the dollar hit a new low of 231.40 Japanese yen. Alarmed by the trend, which makes Japanese exports more expensive, the Tokyo government forbade sale of short-term Japanese bonds to foreigners and cut the central bank interest rate to 3.5%, the lowest since 1946. Those measures failed to keep dollars from pouring into Japan, so the Bank of Japan bought up $500 million of greenbacks offered for sale. That did not prop the price, and at one point the dollar broke the 230-barrier on some exchanges...
...dollar plunged to a post-World War II low against the Japanese yen, sinking from 236.90 yen at the start of the week to as little as 233.05 before closing at 234.75. Two years ago, a dollar bought 303 yen. Only heavy buying of unwanted dollars by the Bank of Japan managed to contain the decline...
...last December's tumultuous plunge of the greenback was the worst since the currency upheavals of 1973, its place in the recordbooks was short-lived indeed. Last week the dollar bears were again on the prowl, clawing the bleeding buck to new and worrisome lows against the Japanese yen and nearly all the major trading currencies of Europe...
...pronounced American yen for romanticism and sentiment has surfaced intermittently in one place or another for several years now, but it is finally blooming in virtually every zone of the social spectrum, in folkways and cultivated appetites, among middlebrows and highbrows alike. Take America's dance floors-often a useful symbol of how people view themselves...
...sharpest overnight dollar rise ever recorded there. In Frankfurt, where the dollar had sagged to a record low of 2.07 marks during its autumn-long slide, it abruptly recovered to nearly 2.16, also a record rise. In Tokyo. where the dollar had fallen to a postwar low of 237 yen on Wednesday, it promptly rebounded...