The Tokyo Stock Exchange recorded the steepest plunge in its history yesterday (Saturday). The British?
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Background: The Tokyo Stock Exchange recorded the steepest plunge in its history yesterday (Saturday). The British decision to flat the Pound caused a rush of selling and extensive fears that the Yen might once again be revalued -- or allowed to float as well.
Loses were spread extensively as investors rushed to liquidate their stockholding. Only a very few stocks recorded minor gains.
Many banking experts felt the best course would be for Japan to float the yen allowing it to find its own level against foreign currencies. This is what happened during the four months which led to the 16.88 per cent revaluation of the Yen last December.