On Tuesday (28 March) the United States Dollar plunged even further against the Japanese Yen in Tokyo.
On Tuesday (28 March) the United States Dollar plunged even further against the Japanese Yen in Tokyo. For the third consecutive trading day, the Dollar lost to the Yen, hitting record post-war lows which grew progressively weaker.
For story, see wire copy and enclosed cuttings (some of which refer to trading on Monday 27th, rather than today 28/3)
SYNOPSIS: Banks and exchange bureaux in Tokyo were busier than even as world-wide interest in the falling Dollar and rising Yen drew Frantic phonecalls from financiers in most Western countries.
In an attempt to reinforce the ailing Dollar, the Bank of Japan stepped in and bought 800-million Dollars on Tuesday (28 March). Dealers said it was the biggest intervention of its kind since August 1971. The low for the day was 224 Yen to the Dollar. In December the average figure was 240.
Many dealers said they could not remember such a spectacular Dollar fall taking place in one day. The Central Bank has now spent nearly four-billion Dollars in March alone, trying to prop up the Dollar.