Yen value higher
(N.Z.P.A.-Reuter—Copyright) TOKYO, Nov. 29. The value of the yen rose today to more than 10 per cent above its parity for the first time, as exchange banks continued to sell American dollars to prepare for a revaluation of the Japanese currency. The opening price was 327.04 yen to one dollar, or 10.05 per cent above par, the Bank of Japan buying most of the dollars sold by exchange banks.
The Central Bank lowered its intervention point from 327.33 yen at Saturday’s close to 327.04 yen at the opening today. Banking sources believe that the Bank of Japan is permitting the yen to rise beyond the level of de facto upvaluation of the West German mark and the Dutch guilder, to avoid charges of “dirty floating in Japan” at the Group of Ten meeting in Rome.
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Bibliographic details
Press, Volume CXI, Issue 32777, 30 November 1971, Page 15
Word Count
138Yen value higher Press, Volume CXI, Issue 32777, 30 November 1971, Page 15
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