Word: yens
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...after day the greenback has been hitting post-World War II lows against the Japanese yen. At one point last week the dollar would buy less than 98 yen, down about 2% since June 21 and 10% since February. The dollar has also fallen about 8% this year against the deutsche mark, to 1.59 DM last week. Those drops have contributed to a continuing erosion of stock and bond prices. The Dow Jones industrial average was 3647 Friday, down 8% from its Jan. 31 high, while the yield on 30-year U.S. Treasury bonds had risen to 7.6%, higher than...
...billions of dollars sloshing around the world, and the oversupply, like an oversupply of, say, wheat, drives down the price. In particular, the U.S. trade deficit with Japan creates a constant pressure against the dollar. Japanese companies regularly sell the dollars they earn trading with the U.S. for yen to pay off workers, stockholders and creditors in Japan. The pressure might be eased by a Tokyo government with the will and staying power to negotiate a trade deal that would reduce Japan's trade surplus with the U.S. -- but the bizarre coalition government cobbled together last week hardly qualifies...
Coordinated selling of yen and marks and buying of dollars by government central banks has twice failed to prop the dollar's price. The U.S. Federal Reserve might try raising interest rates again -- possibly this week -- to make American investments more attractive to foreigners. But most analysts doubt such a move would accomplish much unless it were synchronized with interest-rate cuts in Europe and Japan, which would not be easy to achieve. It could even be dangerous. The big worry about the dollar slide is that it will fan U.S. inflation by raising the price of imported goods...
...Dollar once again dropped to postwar lows against the Japanese yen, closing at 98.30 yen in Tokyo and fell to it lowest level this year against the German mark . . . Dow Jonesindustrial average rose 22.02 points, closing at 3674.50 . . . N.Y.S.E.'s composite index up 0.03, to 246.54 . . . NASDAQ stock-market composite index fell 2.29, to 701.30 . . . American Stock Exchange down 0.15, to 423.55 . . . Gold fell $2.10, to $383.40on the Commodity Exchange in New York . . . The 30-year Treasury bond closed with a yield of 7.59 percent, up from 7.58 late Tuesday. parparpar
...Federal Reserve launched an international effort to halt the dollar's steady slide, but the rescue was largely seen as a failure since the greenback rallied only briefly and the Dow industrials and bond markets plummeted. Earlier in the week currency traders pushed the dollar below the 100-yen mark for the first time since World...