Dollar rises against yen

January 07, 1991|By ASSOICATED PRESS

TOKYO (AP) -- The dollar rose sharply against the Japanese yen today after a three-day slide as fears of war in the Persian Gulf worsened. Tokyo share prices plunged.

The dollar closed at 136.05 yen, up 2.73 yen from Friday's close of 133.32 yen. It opened at 135.62 yen, its low for the day, and rose as high as 136.20 yen.

The dollar had fallen a total of 3.33 yen on the three previous Tokyo trading days.

Investors seek the dollar as a safe haven in times of international crisis. The yen also is hurt by gulf war fears because Japan imports almost all of its oil, 70 percent of it from the Middle East.

On the stock exchange, the 225-share Nikkei Stock Average fell 332.61 points, or 1.38 percent, closing at 23,736.57.

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