The yen fell sharply Friday in Tokyo trading and hit 144 against the dollar after U.S. Treasury Secretary Robert Rubin said he saw no signs of economic recovery in Japan and dashed hopes for yen-supporting market intervention.
At 5 p.m., the dollar was quoted at 144.01-04 yen, compared with 144.05-15 late Thursday in New York, and up sharply from 141.67-70 yen at 5 p.m. Thursday in Tokyo. The dollar rose to as high as 144.75 during the day, a level last seen in August 1990.
The yen's continuing slide also dampened investor sentiment in the stock market. The key Nikkei average of 225 issues on the Tokyo Stock Exchange opened the day below the 15,000 mark, although it rallied later to end the day at 15,022.33.
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