$U.S. at new low in Tokyo
NZPA-Reuter Toyko Japan’s central bank yesterday bought SUSSOOM in three hours but failed to prevent the battered United States currency from plummeting to its lowest-ever level against the yen on the Tokyo foreign-exchange market.
The United States dollar opened at 236.90 yen, below the previous record low of 237.00 set on January 4, reflecting the yen’s appreciation in New York and London on Friday and concern over Washington reports that America’s striking coalminers had rejected a negotiated settlement to their dispute. Huge intervention by the Bank of Japan failed to halt the dollar’s sliding to 235.80 yen.
Dealers said that after purchasing about SUSSOOM, the central bank ceased intervention, and the United States currency then slumped to a record 235.25 yen before closing the morning session slightly up at 235.60 after profit-taking by foreign banks.
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Press, 7 March 1978, Page 8
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141$U.S. at new low in Tokyo Press, 7 March 1978, Page 8
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