• Short Summary

    JAPANESE FINANCE MINISTRY DECIDED FRIDAY NIGHT (AUGUST 27) TO TEMPORARILY FLOAT THE YEN EFFECTIVE FROM TODAY (AUGUST 28TH) SATURDAY, ALLOWING IT TO FIND ITS OWN EXCHANGE VALUE AGAINST THE DOLLAR.

  • Description


    A. TOKYO STOCK EXCHANGE MARKET


    1.
    LS EXTERIOR SHOT OF TOKYO STOCK EXCHANGE MARKET BUILDING


    2.
    SIGN BOARD OF TOKYO STOCK EXCHANGE MARKET BUILDING


    3.
    LS/PAN INTERIOR SHOT OF TOKYO STOCK EXCHANGE MARKET


    4-19.
    VARIOUS SHOTS OF THE TOKYO EXCHANGE MARKET.


    20.
    MS TRAFFIC ON THE STREET IN FRONT OF TOKYO STOCK EXCHANGE MARKET



    B. TOKYO INTERNATIONAL AIRPORT


    1.
    LS EXTERIOR SHOT OF TOKYO INTERNATIONAL AIRPORT TERMINAL BUILDING


    2.
    CS SIGN BOARD OF FUJI BANK INSIDE THE TERMINAL BUILDING


    3.
    MS/PAN INTERIOR OF THE FUJI BANK WHERE BOTH JAPANESE AND FOREIGN TRAVELLERS TRY TO CONVERT MONEY INTO FOREIGN CURRENCY AND FOREIGN CURRENCY TO YEN


    4.
    CS THE SIGN SHOWING THOSE WHO WANT TO CONVERT MONEY MUST BE WITHIN ONE HUNDRED U.S. DOLLAR


    5.
    CS THE BLACKBOARD SHOWING TODAY'S RATE DOLLAR TO YEN "YEN 338". PER ONE DOLLAR WHICH USED TO BE YEN 360


    6-11.
    VARIOUS SHOTS OF BANK CLERK AND TRAVELLERS EXCHANGING CURRENCY IN FUJI BANK


    12.
    LS INTERIOR SHOT OF THE FUJI BANK



    C. THE IMPERIAL HOTEL IN DOWN TOWN


    1.
    LS EXTERIOR SHOT OF THE IMPERIAL HOTEL BUILDING


    2.
    CS THE SIGN: THE IMPERIAL HOTEL


    3.
    MS CASHIER PART OF THE HOTEL


    4.
    MS/PAN CASHIER PART OF THE HOTEL IS CLOSED


    5.
    MS GUEST OF THE HOTEL IS ASKING HOTEL MANAGER TO CHANGE MONEY MORE AS HE IS UNABLE TO GO FOR SHOPPING AS IT IS SATURDAY


    6.
    CS DITTO


    7 - 9.
    MS DITTO


    10.
    MS CASHIER PART OF THE HOTEL



    D. HOTEL NEW OTANI


    1.
    CS THE SIGN: HOTEL NEW OTANI


    2.
    LS EXTERIOR SHOT OF THE HOTEL NEW OTANI BUILDING


    3.
    LS INTERIOR SHOT OF THE BANK OF TOKYO INSIDE THE HOTEL


    4.
    CS SIGN: MONEY EXCHANGE AND FOREIGN REMITTANCE


    5.
    CS SIGN: MONEY EXCHANGE RATE


    6.
    MS FOREIGNER TALKING WITH BANK CLERK


    7.
    LS HOTEL NEW OTANI SHOPPING ARCADE WHERE VERY FEW GUESTS ARE STICK AROUND FOR SHOPPING AS THEIR MONEY WAS RESTRICTED FOR CONVERSION.




    Initials



    Script is copyright Reuters Limited. All rights reserved

    Background: JAPANESE FINANCE MINISTRY DECIDED FRIDAY NIGHT (AUGUST 27) TO TEMPORARILY FLOAT THE YEN EFFECTIVE FROM TODAY (AUGUST 28TH) SATURDAY, ALLOWING IT TO FIND ITS OWN EXCHANGE VALUE AGAINST THE DOLLAR. THE DECISION FOLLOWED A RECORD $1,200 MILLION PURCHASE BY THE BANK OF JAPAN ON THE TOKYO FOREIGN EXCHANGE MARKET EARLIER FRIDAY. FINANCE MINISTER MIKIO MIZUTA ANNOUNCED HAT "THE PRESENT LIMIT ON THE MARGIN OF FLUCTUATION (IN THE YEN'S EXCHANGE RATE" WILL BE SUSPENDED FOR A TEMPORARY PERIOD". THE GOVERNMENT IS EXPECTED TO MAKE A DECISION ON REVALUATION OF THE YEN AND SET A NEW YEN PARITY AFTER THE PERIOD OF FLOTATION THROUGH INTERNATIONAL CONSULTATIONS. THE ANNOUNCEMENT SAID THE YEN WOULD BE FLOATED FOR THE TIME BEING WHILE THE CURRENT PARITY YEN 360 TO THE DOLLAR WAS MAINTAINED. THE CENTRAL BANK HAD BOUGHT ABOUT $3,900 MILLION DURING THE PAST TWO WEEKS SINCE THE UNITED STATES ANNOUNCED NEW ECONOMIC MEASURES TO DEFEND THE DOLLAR AUGUST 15. THE DECISION FRIDAY REPRESENTED A REVERSAL OF THE GOVERNMENT'S POSTWAR MONETARY POLICY OF MAINTAINING THE YEN'S FIXED EXCHANGE RATE IN COMPLIANCE WITH PROVISIONS OF THE IMF. JAPAN HAS BEEN FAITHFULLY FOLLOWING THE " ONE PERCENT LIMIT ABOVE AND BELOW" PARITY SINCE IT BECAME A MEMBER OF THE FUND IN AUGUST 1952. finance minister mikio mizuta affirmed friday night that the government ACTION TO FLOAT THE YEN WAS" TEMPORARY" AND THAT THE YEN WOULD RETURN EVENTUALLY TO A NEW FIXED EXCHANGE RATE". HOWEVER, ACCORDING TO HIS ANNOUNCEMENT. TOKYO STOCK EXCHANGED WAS CONFUSED FROM SATURDAY MORNING THOUGH THE PRICE OF GENERALLY WAS RAISED YEN 8 AFTER IT WAS DOWNED YEN 43 IN GENERAL. JAPANESE EXPORT INDUSTRIES PEOPLE ARE AFRAID JAPANESE EXPORT BUSINESS INCLUDING TEXTILE, CAMERA, ELECTRONICS, TOYS AND OTHER INDUSTRIES WILL BE AFFECTED SEVERELY AND DEPRESSION IS COMING.

  • Tags

  • Data

    Film ID:
    VLVA43531WU9E8X3WOEVMP2BXZ55D
    Media URN:
    VLVA43531WU9E8X3WOEVMP2BXZ55D
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    28/08/1971
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:57:00
    Time in/Out:
    /
    Canister:
    N/A

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