Japanese Officials Call for Action to Halt Fall of Dollar
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TOKYO — Japanese officials today called for central bank intervention and possible joint action with Western nations to halt the slide of the U.S. dollar, which plunged to record lows on currency exchanges.
The dollar closed at 148.80 yen after falling as low as 148.40 during the day.
It was the first time the dollar had closed below 150 yen since modern exchange rates were established in the late 1940s.
Dealers estimated that the Bank of Japan bought between $1.7 billion and $2 billion to support the U.S. currency but said action by Japan alone was not enough to scare dollar sellers.
Bank officials refused to confirm whether they had stepped in, but Japanese dealers said the bank intervened when the dollar began trading at 148.80 to 148.85.
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