Dollar Shoots Higher Vs. Yen

The dollar rose sharply against the yen Wednesday after a top Japanese finance ministry official suggested the U.S. currency should remain strong and Japan’s interest rates won’t increase soon.

The remarks by Eisuke Sakakibara, director of the ministry’s international bureau and an influential decision maker on foreign-exchange policy, dashed market expectations of an increase in Japanese interest rates.

The dollar also strengthened against other major currencies, but its advance against the mark was limited by nervous investors selling French francs for marks.

Exchange Currency in dollars Dollar in foreign currency Canada .7289 1.3720 France .1976 5.0605 Germany .6735 1.4848 Great Britain 1.5430 .6481 Italy .000659 1518.00 Japan .009268 107.90 Mexico .133244 7.5050