Dollar Plunges to New Low Against Yen
The dollar plunged to another postwar low against the Japanese yen today and was at its weakest since 1981 against the Dutch guilder and West German mark. Gold prices were lower.
Repeated short bursts of dollar-buying by the Bank of Japan, the state central bank, failed to halt the fall. The dollar closed at 167.25 yen in Tokyo, down three yen from Friday’s 170.25. In London, where trading opens after Japan’s business day ends, the dollar was unchanged.
The Japanese bank never announces its interventions, but dealers said its purchases today, while persistent, were relatively small.
The dollar lost more than three pfennigs against the German mark and 3 1/2 cents against the Dutch guilder.
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