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US$ sinks to three-month low versus yen


Financial Post, Daily edition, Thursday, February 5, 1998

The US$ fell to a three-month low against the Japanese yen on expectations Japan's government will spend more to boost the economy and amid talk the Group of Seven, at a meeting this month, may decide to sell US$s to prop up the yen.

The U.S. currency slumped against the mark after a German government report showed a larger than expected gain in December industrial output.

The U.S. currency fell to 123.71 yen late in New York from 125.82 Tuesday. Earlier, it tumbled to 123.71. The US$ fell to 1.801 marks from 1.8113 marks.

Japan's ruling Liberal Democratic Party said it will unveil new economic proposals Feb. 20, including tax cuts and increased public spending, to pull the economy out of a six-year slump.

Talk the Japanese government may take aggressive action has knocked the US$ down 5.3% against the yen since the beginning of the year.

In other trading, the British pound rose to US$1.6581 from US$1.6465. The US$ fell to 1.4502 Swiss francs from 1.4641 francs and to 6.0335 French francs from 6.0925 francs. It also fell to 1779 Italian lire from 1789 lire.

The C$ rose to US69.11 cents from US69.07 cents Tuesday. The US$ fell to $1.4470 from $1.4476.

Source: This information is provided by the Financial Post.

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