Dollar recovers
The United States dollar gained sharply when the Tokyo foreign exchange opened yesterday, after its losses over past weeks. Its rise followed the currency's strength in New York before the week-end, ,| when the administration intervened to try and bolster the dollar. Yesterday’s opening figure of 189 yen was the highest in Tokyo for two weeks; during this time it fell briefly to a postwar low of 181.80 yen. On Friday the [ dollar closed at a rate of i 186.05 yen.
Japan’s trade surplus should decline further in the autumn, Japanese Finance Minister (Tatsuo Murayama) said in an interview with "Newsweek” magazine. He said that exports had already fallen 2.7 per cent in the second quarter (AprilJune) and that figures to be released soon should show that the rate of decline has reached 8 per cent during July, although the dollar value of the surplus for the whole year would still be large.
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Press, 22 August 1978, Page 19
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154Dollar recovers Press, 22 August 1978, Page 19
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