Cable Briefs

Press, 23 June 1978, Page 6

Cable Briefs

i Dollar steadies I The dollar has regained : some stability on the Tokyo foreign exchange market after two turbulent sessions ; and yesterday closed at a rate of 209.85 yen. Dealers ■ believed the Bank of Japan had bought an estimated $2O million to $3O million during the day to support the dollar, which opened at 210.50 yen. In hectic trading on Wednesday, the rate plunged briefly to 208.65 yen its low est in Tokyo since World War 11. Cabinet economic Ministers are due to meet in Tokyo today to discuss further measures to cut Japan’s trade surpluses, which have been a major factor belrnd the dollar’s plunge against other currencies. — Tokyo. Missile tested The American Cruise missile has carried out a series of manoeuvers at speeds up to 800 km/h over a New Mexico missile range. The test firing of the 1200 kg Navy Tomahrwk missile was the first public display of the weapons system. The Secretary of Defence (Mr Harold Brown), who sad development of the missile was on schedule, predicted it would be able to penetrate any Soviet defence when it is deployed in the early 1980 s. He said the decision to implement full development of the Cruise missil* rather than the Bl bomber in his view had been com p’etelv vindicated. — Santa Fe.