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J. 6 4 i December 2 6 , 1973 j Rfelease N<r. H-13 Division of InternalionaH=4«aflee, Statiattcai &-Data SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. W E E K L Y SERIES O F C H A R T S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H. 13 December 26, 1973 Release No. 642 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES Chart 1A and B - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dollar Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES Chart 5 Chart 6A and B Chart 7A and B Chart 8A and B Chart 9A and B Chart 10A and B Chart 11 Chart 12A and B - Call Money Rates London: 'Euro-5 Deposit Rates New York - London: Yields on U.S. Dollar Funds London: Covered Yields on U.S. Dollar Funds Interest Arbitrage: United States-United Kingdom Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Interest Arbitrage: United States-Canada Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 14 - Long-term Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD, which was published under that title through December 31, 1968. The changes in the format and order of the charts are explained in the Supplement to the series, Wiich accompanied issue dated January 1, 1969. All series and their sources are fully described in a Supplement dated January 1, 1972. 3 • SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages ~ 1 40 30 GERMAN I MARK BELGIAN FRANC V SWISS FRANC JAPANESE YEN CANADIAN DOLLAR Per cent above average market rate in January 1972 -(against U.S. dollar Below M J 1972 Digitized forc e nFRASER tral rates S D M J S D 1973 Weekly averages (week e n d i n g on F r i d a y ) of d a i l y offered rates in the New York m a r k e t as per c e n t a b o v e or b e l o w S m i t h s o n i a n a SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages 30 FRENCH FRAN DUTCH GUILDER ITALIAN LIRA U.K. POUND J 1972 s D M J 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d i d l e s m the New York m a r k e t as per cent aoove or below S m i t h s o n i a n D Chart 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages Per cent per a n n u m PREMIUM CANADIAN DOLLAR U.K. POUND DISCOUNT - PREMIUM GERMAN MARK DISCOUNT - DUTCH GUILDER DISCOUNT M J 1970 * S D M S D 1971 C a n a d i a n D o l l a r Rate not s u p p o r t e d by Bank of Canada. Digitized forSeeFRASER DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. J 1972 S M J 1973 S D 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages 1 1 1 1 1 1 1 1 1 I I 1 1 | 1 1 | 1 1 Per cent per a n n u m 11 1 1 | 1 1 | I I | 1 1 1 1 | 1 1 | I I | 1 1 PREMIUM + FRENCH FRANC - ^ V iv-/l / v \ DISCOUNT PREMIUM + SWISS FRANC - r \ ~ DISCOUNT - M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1971 See DESCRIPTION A N D SOURCES OF DATA, J a n u a r y 1, 1973, pp. 2-3. I I 1 1 1 1 I I 1972 1 I I i i 1 i f 1 i 1973 i 1 i i Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Per cent per annum GERMAN MARK U.S. DOLLAR DISCOUNT 1 ! I i M M J S D 1970 M J 1 I i II 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. ! 1 S 1973 Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per cent per a n n u m PREMIUM + SWISS FRANC FRENCH FRANC DISCOUNT - J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. M J 1972 S D M J 1973 S D Chart 4 GOLD PRICE IN LONDON, 12.5 Kg BARS U.S. d o l l a r e q u i v a l e n t per f i n e o u n c e Week's average of a f t e r n o o n fixings 120 90 60 I 1 I I J I 1 I I I I I I 1 I I I J 1971 1972 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. I I I S I I I I I J 1973 s I I I 30 CALL MONEY RATES DOLLAR FUNDS Per cent per annum Weekly averages 14 1 ! 1 OVERN IGHT EURO-DOLLAR DEPOSES CALL EURO-DOLLAR DEPOSITS r % iX ! i A FEDER/u. Fur IDS DIFFERENTIAL ! , 1 7 ^ EURO-DOLLAR OVER FEDERAL FUNDS UJ A y / j | 10 FAVOR EURODOLLAR ! , / YaT 1 FAVOR'FEDERAL FUNDS\I i i i i i , ; i ! i i I i i I i i I i i I i i I i 1 1 i I i 11 1 I L EURO-CURRENCIES Weekly averages per annum EURO-DM EURO-SWISS FRANC I : : i ! i i i i i i i i i 1973 Changed from CALL to OVERNIGHT Euro dollar deposits. May 10. 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973. pp 4-6 \\ 5B CALL MONEY RATES SELECTED FOREIGN AI^D EEC CURRENCIES Friday figures Per c e n t per 12 8 FRANCE 4 NETHERLANDS 0 8 JAPAN 4 CANADA 0 14.38 12 U.K. 8 U.K. 4 GERMANY 0 S s D 1970 1971 M S D 1972 ice, Day-to day Money; Netherlands, Call M o n e y , weekly average; Japan, U n c o n d i t i o n a l M o n e y ; ada, Day-to-day Loans, w e e k l y average; Germany, Call M o n e y ; U.K., 2-day Local A u t h o r i t y D e p o s i t s . DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 4-6. M J 1973 S D T v C h a r t 6A LONDON: EURO-DOLLAR DEPOSIT RATES Per c e n t per a n n u m Friday f i g u r e s OVERNIGHT CALL 7-DAY 1-MONTH M J S D M 1970 J S D 1971 * May 1 2 / 7 1 - c h a n g e d to O v e r n i g h t E u r o - D o l l a r Deposits * * July 1 - c h a n g e d to 7-Day E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, p. 6. J 1972 S D M J 1973 S D V Chart 6B LONDON: EURO DOLLAR DEPOSIT RATES Per cent per ar Friday f i g u r e s 12 10 8 6 4 i i i i • i i I I I I I I I I I I I I I I I I I 1 I I 1 2 12 10 8 6 4 2 1970 1971 Be DESCRIPTION AND SOURCES OF DATA, January 1, 1973. p. 6. 1972 1973 C h a r t 7A NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Per cent per a n n u m Wednesday f i g u r e s 12 hf - 10 w r \ - / r I EUR()DOLLAR DEPOSIT V - 7 - U.S. CERTIFI GATE OF DEPOSIT i i 1 i i 1 i i 1 i i i i 1 i i 1 i I 1 i i i i 1 i I 1 l I 1 i I I M I 1 11 FAVOR EURO-DOLLAR DIFFERENTIAL A A w V \ M AlV - - ANW EURO-DO LLAR OVER U.S. CERTIFK:ATE OF DEPOSIT , ,1 , ,1 , , 1 , , M J 5 1970 M I M I M I M M 1 1 1 1 1 1 J 1971 See DESCRIPTION ANDSOURCESOF DATA, J a n u a r y 1, 1973, pp. 6-7. * 1972 1973 1 1 s 1 4 1 Chart 78 NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Wednesday f i g u r e s n t per a n n u m EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED w EURO DOLLAR OVER — U.S. CERTIFICATE OF DEPOSIT ADJUSTED' M J S D 1970 M J S D 1971 * A d j u s t e d f o r Reserve R e q u i r e m e n t * * A d j u s t e d f o r 10% M a r g i n a l Reserve R e q u i r e m e n t * * * A d j u s t e d f o r 2 0 % M a r g i n a l Reserve R e q u i r e m e n t See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 6-7. M J 1972 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's vs EURO-DOLLAR RATES Per cent per a n n u m Friday f i g u r e s 12 EURO DOLLAR DEPOSIT h y : U v ^ HIRE n i r v L PURCHASE rwiAwnnwu rv: y COVERED STERLING CD's COVERED II 1 II 1 M I 1 1 II 1 1 1 1 II 1 II 1 1 1 1 1 1 1 1 1 1 1 i i 1 I i 1 I I 1 i I FAVOR STERLING CD's DIFFERENTIAL \ A J\ V v / y 1 A A h f r FAVOR EURO-DOLLAR ll 1 l l 1 I i 1 I I M J S 1970 D II M 1 II 1 1 1 1 1 1 J S D 1971 1 1 1 1 1 1 1 1 1 II M J S 1972 * H i r e Purchase s u s p e n d e d August I I , 1972 and S t e r l i n g C e r t i f i c a t e s of Deposit begin A u g u s t 11, 1972. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. D 1 1 1 1 1 1 1 1 1 1 1 M J S 1973 <x Chart 8B LONDON: COVERED YIELDS ON U S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Per cent per annum Friday f i g u r e s 12 EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED I i M I I 1 I I 1 I I I 1 1 I I 1 I I i I I I l l ttl I I 1 1 I 1 I I 1 I I I I I I I I 1 o FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO-DOLLAR I l I I I I I I 1 I I 1 I I I I 1 I I I I I I I I I 1 I I I I I I I 1 1 I I 1 11 1 I 1 1 I I 1 8 M J s D to 1970 J 5 b 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1 9 7 3 , pp. 7-8. to J 1972 INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday figures Per cent per annum 3 - M O N T H TREASURY BILL RATES U.K. LOCAL AUTHORITY DEPOSITS NEW YORK LONDON NEW YORK s s i 1970 * Plotted for comparison purposeb See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, pp 8 - 9 s D 1971 1972 D M S 1973 D Chart 9B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s Per c e n t per a n n u m PREMIUM RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING SPREAD IN FAVOR OF LONDON JiMV FORWARD RATE DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK J s D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p p . 8 - 9 . M J 1972 S D M J 1973 s D n r 3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE P e r cent per a n n u m Wednesday rates I I | I I I Pi 3 ") 12 GERMAN INTERBANK LOAN RATE EURODOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO DOLLAR 1 1 I I i I 1 1 I I I l I I I I I I l 1 I I I I I 1 I I I I I 1 I I I I .I I II 1970 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9-10. No q u o t a t i o n 1 I I 1 I I I 2 ON 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE Per cent per a n n u m Wednesday rates M M M | i I I | I I | I I | I I I | I I | I I | I I i I I I I ' I SWISS DEPOSIT RATE X EURO-DOLLAR COVERED FAVOR ZURICH DIFFERENTIAL FAVOR EURO-DOLLAR 1 I I M M 1970 l l I 1 M 1 I I 1 I ! 1 I 1 I I I I I I 1 I I 1 I- I I I I 1 I I I I 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1 9 7 : . po. 9-10. 8 3-MONTH INTEREST ARBITRAGE: CANADA • UNITED STATES Per c e n t per a n n u m Friday f i g u r e s TTTTTIJO BILL RATES UNITED STATES TREASURY BILLS CAN. FIN. CO. PAPER CANADIAN TREASURY BILLS 14 PREMIUM BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR FORWARD RATE GROSS SPREAD IN FAVOR OF CANADA DISCOUNT T FAVOR CANADA COVERED RATE DIFFERENTIALS PRIME FINANCE PAPER TREASURY BILLS FAVOR U.S. M J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 10-11. M J 1972 S D M J 1973 S D SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m Wj GERMANY V V^/Vi U.S. U.K. U.S. JAPAN 1970 1971 1972 1973 ~ 3 - m o n t h treasury bill rates for all countries except j a p a n ( A v e r a g e rate on bank loans and d i s c o u n t s ) and Germany ( i n t e r b a n k lo.:-: ra<e) bee u t b i K i i - 1 IUN MNU s u u r t i L b u? u « IH, January I , i 9 7 3 , pp. 1 1 1 2 . 1974 Chart 12B SELECTED SHORT-TERM INTEREST RATES Per cent per a n n u m v\, V\ \ r\ t V iV/\ fl n\ V> N\T V "V - 0 DOLLAR - LONDOI Y * I S\R Y A - LAnl.S. 1 1 I 1 I 1 1 1 1 1 1 J_L1 1 \- L L L I J J J 1 I I 1 I I 1 I I 1 I I V 1 V r I I I I I 1 I I 1 I I — r\j^ I 1 r . L u\_ I I 1 I I 1 I I 1 1 1 V I V |U 1 1 1 1 I I U.&y tyv 1 1 I I I 1 I I 1 M L 1 \\J 1 1 1 I I I R N j SWITZERLAND1 M I M I M 1 i l l I I 1 M I L L i i 1 i i 1 i i 1 i i v\ v HY\ V\ J r* U.S. v v vA MZ CANADA - V 1 I 1 M 1 i 1 ! 1 i i ! ! i 1 i i 1 i ; I I 1 ! ! 1 1 1 1 11 11 i 1 1 1 I I 1 1 11 1 1 1 1 I I 1 1 1 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 11-12. 1973 1974 LONG-TERM BOND YIELDS Weekly f i g u r e s Per cent per a n n u m , - NETHERLANDS - W s / V W XT' U.S. SWITZERLAND 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1H 1 l l 1l t 1 N 1,1 1 I I 1 I I 1 I I 1 I I U.K. / K - GERMANY/^ Y CANADA" VVvZ i i 1 i i 1 i i 1 MI I 1 I I 1 I I 1 I II i 1 i i 1 i i 1 I I1 1 1 1 1 1 II, I1I 111 1 1 1 1 1 I I M o n t h l y figures U.S. CORPORATE: ( DOLLAR EURO-BONIDS - / V ^ AaaBONDS ..." DM EURO-BONDS . I I 11 11 I I 1 I I 11 1 I I 1 1 1 1 I1I 1970 1971 1 1 I I 1 1 1 1 1 1 1972 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 12-15. M 1 1 1 1 1 1 1 1 1 1973 1 1 1 .11 I 1 1 1 I I 1974 Chart 14 INDUSTRIAL STOCK INDEXES Ratio scale, 1958=100 Ratio s c a l e , 1 9 5 8 = 1 0 0 320 UNITED STATES 240 160 1200 JAPAN 480 960 SWITZERLAND SWITZERLAND 320 640 240 480 UNITED KINGDOM JAPAN GERMANY 160 CANADA 320 CANADA 240 160 1970 1971 1972 1973 December 2 6 , ,y 1973 SELECTED CENTRAL BANK DISCOUNT RATES Release No. 642 Country Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France 7.75 11.0 Oct. 29, 1973 7.0 Oct. 4 , 1973 Sept. 20, 1973 9.5 August 2, 1973 Germany 7.0 June 1, 1973 6.0 May 3, 1973 Italy 6.5 S e p t . 15, 1973 4.0 April 10, 1973 Netherlands ""United Kingdom 8.0 Dec. 6, 1973 7.0 Oct. 16, 1973 11.50 J u l y 27, 1973 9.00 July 20, 1973 Switzerland 4.5 J a n . 1, 1973 3.75 Sept. 15, 1973 Canada 7.25 Sept. 13, 1973 6.75 August 7, 1973 Japan 9.0 Dec. 22, 1973 7,0 lug. 29, 1973 United States 7.5 Aug. 14, 1973 7.0 July 1, 1973 — E f f e c t i v e October 13, 1972, the Bank of England r e p l a c e d i t s t r a d i t i o n a l Bank Rate w i t h a f l u c t u a t i n g "minimum lending r a t e " based on average Treasury b i l l tender r a t e . H.13 LATEST FIGURES PLOTTED ON THE CHARTS Chart Panel December 2 6 , 1973 Release No. 642 Series Date 1A Swiss franc Dec. 2 1 IB U.K. pound " IB 1A French franc Japanese yen ii ii 10.86 9.96 1A IB Belgian franc it Italian lire " 10.89 -4.04 0.62 1A Canadian dollar 1A IB German mark Upper " -6.99 " -3.56 Canadian dollar " French franc » -1.38 it 5.52 5.64 German mark 3B Upper < " 3.11 4.27 Gold price, U.S. dollar per ounce || 107.78 Middle Differential Lower Euro-currencies: D e c . 19 ii " Euro DM Euro Swiss Fr. Japan, Unconditional Money Dec. 2 1 " 9.13 10.18 -1.05 10.95 2.40 D e c . 14 10.00 " 14.85 Canada, Day-to-day Loans " France, Day-to-Day Money 6.63 11.88 Germany, Call Money Dec. 21 D e c . 14 Netherlands, Call Money . Dec. U.K., 2-day Local Author. Deps. Lower - " " Overnight Euro-5 deposits Upper -0.05 French franc Federal Funds 56 -0.99 -3.55 " Dutch guilder U.S. dollar Swiss franc 5A 15.78 „ U.K. pound 3A 4 21.05 " German mark 20.27 >11.42 11 Swiss franc 2B Rate u Dutch guilder 2A 4 7 14.38 8.28 H. 13 December 26, 1973 Release No. 642 IV - 3 Chart Panel Euro-$ Overnight Rate 6A Rate Date Series Dec. 21 Euro-$ 1-month Rate 6B 7A Upper 11.06 Euro-$ 3-month Rate 11.00 Euro-S 6-month Rate 10.50 Euro-$ 3-month Deposits Dec. 19 U.S. Certificate of Deposits 7B 9.10 Differential Upper Euro-$ 3-month Deposits 10.38 Euro-S 3-month Deposits (Adj.) 11.28 +1.28 Lower Differential: on Adj. Euro-$ Deposits Upper Euro-S 3-month Deposits 9.53 +1.76 on Unadj. Euro-S Deposits S t e r l i n g CD's Lower 8B Upper +0.85 Dec. 7 (covered) Lower -0.84 Euro-S 3-month Deposits 10.81 9.60 Differential U.S. Treasury Bill rate 9A -1.21 Dec. 21 U.K. Treasury Bill rate 15.94 Spread (+= favor London) 5.08 3-month Forward Pound Lower 7.21 12.29 Local Authority Deposit (uncovered) Upper 10.81 9.97 Differential Local Authority Deposits (covered) 9B 10.38 Lower U.S. Certificate of Deposits (Adj.) 8A 14.94 -6.76 Net Incentive (+= favor London) " -1.68 H. 13 December 2 6 , 1973 Release No. 642 IV-4 Chart Panel Series 10A Upper Euro-$ Deposits (covered) Lower 106 Upper Dec. 19 " 13.00 Differential " +1.87 Euro-$ Deposits (covered) " 13.19 " 4.50 Lower Differential Upper Canadian Finance Paper „ Dec. 21 U.S. Treasury Bill rate ii Canadian Treasury Bill rate " U.S. Prime Finance paper (not plotted) Second 12A -8.69 9.50 7.21 6.17 8.25 Bill rate differential -1.04 Forward Canadian dollar " Third Net incentive on bills it Bottom Net incentive on Finance Paper it Upper U.K. Treasury Bill rate 12.29 U.S. Treasury Bill rate 7.21 German Interbank Loan rate Lower -0.10 -1.14 -1.15 13.00 Japanese Average rate October 7.706 Canadian Treasury Bill rate Dec. 21 6.17 " 7.29 U.S. Treasury Bill rate 12B 11.13 German Interbank Loan rate Swiss Deposit rate 11 Rite Date Euro-S Deposits ii 11.00 Swiss 3-month Deposit rate II 4.50 U.S. Treasury Bill rate " 7.29 H.13 December 2 6 , 1973 R e l e a s e No. 642 IV-5 Chart Panel Series 13 Upper Netherlands Dec. 14 8.57 " 7.67 Canada Middle •United States .. 6.69 Switzerland Nov. 30 .6.13 Germany U.S. Corp. Dollar E u r o - b o n d ^ ^ ^ U.S. Corp. DM Euro-bonds U.S. Corp. Aaa bonds 14 Upper Switzerland Germany United States Middle Lower 7 9.60 Dec. 14 12.19 October 8.16 Dec. United Kingdom Lower Rate Date g rr 7.82 November 7.67 Dec. 14 301.20 » 242.60 " 215.38 United Kingdom Dec. 21 178.46 Canada Dec. 7 267.25 ** Japan United States " 720.06 Dec. 14 215.38 * New - A v e r a g e y i e l d on s e l e c t e d 10 y e a r c o n s t a n t m a t u r i t y bonds due o r c a l l a b l e i n 10 y e a r s . ** Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks on the First Section of the Tokyo Stock Exchange.
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