On Tuesday (28 March) the United States Dollar plunged even further against the Japanese Yen in Tokyo.
GV Tokyo bank and sign. (2 shots)
GV INT. Jobbers on telephone making deal. (2 shots)
SV AND CU Exchange Quotation board, Dollar at new figure of 224.00 (2 shots)
SV Jobbers on telephones and recording deals. (3 shots)
MV INTERIOR Bank of Tokyo showing board with dollar quotation; GV EXTERIOR Bank of Tokyo; many shots INTERIOR Tokyo money market showing jobbers on telephone making deals, operating computers, telex machines, etc.; MV BOARD showing lowest quotation of US $RATE; GV EXTERIOR money market.
The Dollar continued its downward trend on Wednesday (29 March) falling quickly to 220.70 Yen in early trading. Just before closing, the U.S. currency rallied slightly, settling at 221.60. The Bank of Japan once again bought a certain amount of Dollars, but there was no further major intervention.
Initials VS 16.20
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Background: 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.