Dollar Plunges to 216 Yen
The dollar took its worst beating in nearly four years on Tokyo’s foreign exchange market today, but the Bank of Japan still is “not satisfied” with the current rate, central bank officials said.
The dollar closed at 216 yen--its lowest rate since Dec. 8, 1981, when the currency traded briefly at 216.50. Friday’s closing rate was 220.80. A strong dollar has long been held by Japanese officials as the primary cause of the United States’ huge trade deficit with Japan, expected to reach $50 billion this year.