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Article: Dollar's plunge has Japanese officials nervous, contemplating intervention
- Article from:
- AP Worldstream
- Article date:
- November 18, 2004
- Author:
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YURI KAGEYAMA, AP Business Writer
AP Worldstream
11-18-2004
Dateline: TOKYO
Masatsugu Asakawa has one of the busiest jobs in Tokyo these days: monitoring the U.S. dollar's fluctuation against the Japanese yen.
"I'm watching it carefully, practically 24 hours," Asakawa, director of the foreign exchange markets division at the Ministry of Finance, said with a weary smile.
Dollar-watching has become an obsession in Japan these days as the U.S. currency has fallen to seven-month lows against the yen, putting officials on edge.
The dollar was trading at 103.76 yen in Tokyo late Thursday, a four-and-half-year low, after hitting 103-yen levels overnight.
The dollar began tumbling in New York overnight ...