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Article: Japanese Stocks Surge as Yen Falls to 4-Year Low; Dollar's Gains Will Hurt U.S. Exporters and Help Japan's, and May Increase Trade Tensions
- Article from:
- The Washington Post
- Article date:
- January 30, 1997
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The yen fell to a four-year low today in Tokyo, while the
Nikkei stock average surged 3 percent as investors rushed to buy
shares of Japanese export companies -- such as makers of cars,
electronics, steel and chemicals -- that will benefit from a weaker
yen.
The dollar rose above 122 yen, the highest rate since February
1993, after being worth 108 yen on average in 1996. It settled in
New York at 122.08 yen. The change has shifted the profit and
competitiveness picture, at least temporarily, for U.S. and Japanese
exporters. That's because a weaker yen tends to make Japanese-made
goods cheaper in the United States and U.S.-made products more
expensive in Japan.
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