Dollar sinks to 99.77 yen, its lowest since October 1995.
The Wall Street Journal
March 13, 2008 4:54 p.m. EDT
Dollar Pares Losses Against Yen
By DAN MOLINSKI
March 13, 2008 4:54 p.m.
The dollar crawled out of a big hole against the yen Thursday as a
rebound in the U.S. stock market allowed the greenback to grab back
some of its sharp earlier losses that sent it to a 13-year low against
the Japanese currency.
News late Wednesday that a fund managed by the Carlyle Group admitted
it is close to collapse caused a sell-off in global stock markets
Thursday. That reduced risk appetite across asset cl*****, pu****ng the
dollar below the 100 yen threshold to 99.77 yen, its lowest point
since October 1995.
..
..
The dollar's rebound in response to the U.S. stock market's gains
Thursday was a good example of the way the exchange rate movement of
the dollar versus the yen has become virtually joined at the hip with
U.S. equities.
"That's all we do here. We trade the Dow," said John McCarthy, manager
of currency trading at ING Capital Markets in New York.
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