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Dollar Rises Amid Mixed Signals in Japan

June 22, 1998|Bloomberg News

The dollar rose against the yen early Monday after world finance officials, in an emergency meeting Saturday, failed to wring new measures from Japan to revive its economy and boost the value of its currency. But traders said the dollar's climb will be limited due to concern that the United States will join with Japan to sell dollars for yen as they did last week. The dollar was quoted at 138.21 yen, up from 135.84 in late New York trading Friday. Japanese stocks began the week slightly higher, possibly because the government is expected to unveil a detailed plan to resolve its banking crisis. Those expectations were bolstered by the Liberal Democratic Party policy chief Koichi Kato, who said Saturday that the party may set up a "bridge bank" to take over the businesses of failed financial institutions.

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