• Short Summary

    Heavy selling of American dollars resumed on the Tokyo Foreign Exchange Market on Wednesday (8 December) with more than one million dollars (about GBP40 million Sterling) bought by the Japanese Central Bank within an hour's start of trading.

  • Description

    Heavy selling of American dollars resumed on the Tokyo Foreign Exchange Market on Wednesday (8 December) with more than one million dollars (about GBP40 million Sterling) bought by the Japanese Central Bank within an hour's start of trading. The heavy selling came as Japanese monetary officials warned it was possible that the Yen might be revalued as a result of a Group of Ten Finance ministers meeting in Washington later this month.

    SYNOPSIS: The Tokyo Foreign Exchange Market was the scene of hectic activity on Wednesday as heavy selling of American dollars set the day's tons. Within an hour of opening, more than GBP40 million Sterling's worth was bought by the Central Bank.

    The value of the dollar soon moved to a new low against the Yen. It's been losing value daily. The heavy selling came as Japanese monetary officials warned that the Yen might be revalued as a result of negotiations at the next Group of Ten finance meeting in Washington later this month.

    It was reported that the Yen might be revalued by slightly over 16 per cent to 310 to the dollar. Previously, only 15 per cent was described as the largest margin by which the Yen could be revalued. This is reportedly because both the United States and West European nations appeared to be hoping that Japan would make a large contribution to multilateral currency realignment.

    Dollar selling continued in anticipation of expected revaluation of the Yen. Japanese officials said the Group of Ten finance ministers were expected to discuss the margins of dollar revaluations and other currencies' revaluations.

  • Tags

  • Data

    Film ID:
    VLVAACD1P4PXYFISLL8XX8VNW5L9R
    Media URN:
    VLVAACD1P4PXYFISLL8XX8VNW5L9R
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    09/12/1971
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:11:00
    Time in/Out:
    /
    Canister:
    N/A

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