- Title: JAPAN: THE UNITED STATES DOLLAR REACHES NEW HIGH AGAINST THE YEN
- Date: 24th January 1996
- Summary: TOKYO, JAPAN (JANUARY 24, 1996) (RTV - ACCESS ALL) 1. GV THE TOKYO STOCK EXCHANGE 0.05 2. SV TRADERS 0.24 3. SV DETAIL OF THE DEALING BOARD SHOWING NIKKEI STOCK AVERAGE AT 19,992.72 0.31 4. SV THE FOREIGN EXCHANGE MARKET 0.39 5. SV TRADERS 0.51 6. CU DETAIL OF THE DEALING BOARD 0.55 7. SV THE DEALIN
- Embargoed: 8th February 1996 12:00
- Keywords:
- Location: TOKYO, JAPAN
- City:
- Country: Japan
- Reuters ID: LVA1MKUZZRG3PB253MQLRPL23FOS
- Story Text: The United States dollar briefly hit 106.30 yen in Tokyo on Wednesday (January 24) -- a new high since the beginning of the year. The buying was triggered by news of the decline in Japan's merchandise surplus with the United States in 1995.
Japan's politically sensitive 1995 trade surplus with the U.S., often a cause of friction between the two countries, dropped 17 percent from the previous year to 45.56 billion dollars, posting the first decline in five years.
Economists said one explanation was structural change in the economy, which now has a bigger appetite for imports.
The yen's long rise up to mid-1995 and a resultant decline in Japanese competitiveness abroad led to increased imports and prompted Japanese firms to shift production offshore.
Tokyo shares ended higher on Wednesday after falling through a key 20,000 level. Brokers said sentiment improved as follow-through selling failed to emerge at lows.
The 225-share Nikkei average finished up 231.82 points, or 1.15 percent, at 20,312.74. It had dropped as far as 19,984.85 in the morning.
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