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To: PaulM who wrote (23587)	11/30/1998 6:25:00 PM
From: goldsnow	Respond to of 116753

Dollar Up Vs. Yen, Down Vs. Mark Monday, 30 November 1998 N E W Y O R K (AP) THE DOLLAR rose against the yen Monday as policy differences among Japanese lawmakers caused despair among investors looking for quick fixes for Japan's struggling economy. The dollar fell against the mark amid rumors that Germany's central bank was selling the British pound and the Irish punt to buy marks. That strengthened the mark against the dollar and the dollar against the pound. A dollar bought 123.26 Japanese yen in late New York trading Monday, up from 123.07 yen on Friday. A dollar also bought 1.6940 German marks in New York, down from 1.7125 marks Friday. The British pound fell to $1.6488 from $1.6515. Traders sold their dollars as negative events unfolded in Asia. In Japan, Prime Minister Keizo Obuchi of the ruling Liberal Democratic Party said Monday his government is unlikely to reduce the country's unpopular consumption tax. That contrasts with the position of the Liberal Party, which joined into coalition with the LDP last month to produce Japan's largest stimulus package ever. Japan is in its worst recession in decades, and forming the coalition was seen as a significant step toward enacting the fiscal package. In addition, a number of financial markets in Asia did poorly. In Japan, the main stock index fell 1.2 percent. In Hong Kong, the Hang Seng Index fell 3.2 percent, and Korea's main index fell 0.8 percent. "It looks more and more like we'll have to wait for the second half of next year before we see a significant recovery there," said Henry Willmore, a senior economist at Barclays Capital. The dollar also was hurt by a decline on the New York Stock Exchange, where the Dow Jones industrial average dropped about 200 points Monday. The dollar's transactions against the mark are more closely tied to the performance of the Dow than its trades against the yen. Other late dollar rates in New York, compared with Friday: 1.3955 Swiss francs, down from 1.4140; 5.6710 French francs, down from 5.7465; 1,677.50 Italian lire, down from 1,696.00; and 1.5334 Canadian dollars, down from 1.5345.