August 23, 1994 |
A steep fall in the dollar sent bond yields soaring and dragged stock and bond prices lower Monday. Oil prices also dropped on signs that a strike by Nigerian oil workers might be unraveling. The dollar edged back toward its record low against the Japanese yen as dealers grew pessimistic about the outlook for progress in U.S.-Japan trade talks. Market participants said American investment funds and Japanese exporters were heavy sellers of the U.S.