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V
DIVISION O F I N T E R N A T I O N A L F I N A N C E
H. is
No. 12lr
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':V
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BOARD OF OOVKRNOR*
>
• ' • • • * '
I.
II.
III.
""
I.
October 2, 1963.
CAPITAL MARKET DEVELOPMENTS ABROAD
1
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\
'
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Japan
India
Nine Charts on F i n a n c i a l Markets Abroad
Japan;
Money and C a p i t a l Markets i n August-September
E f f e c t i v e August 29, t h e Government of Japan reduced t h e maximum p e r m i s s i b l e
i n t e r e s t r a t e s which f o r e i g n exchange banks may pay on E u r o - d o l l a r d e p o s i t s . (See
Table 1) 0 This i s designed t o discourage the i n f l o w of E u r o - d o l l a r f u n d s , which had
been expanding a t an i n c r e a s i n g r a t e s i n c e t h e l e v e l of p e r m i t t e d i n t e r e s t r a t e s was
i n c r e a s e d on J u l y 19. According t o t h e Kihon K e i z a i , o u t s t a n d i n g E u r o - d o l l a r d e p o s i t s
r o s e from a low of $370 m i l l i o n a t the end of June t o $390 m i l l i o n a t t h e end of J u l y
and f u r t h e r t o $ii20 m i l l i o n by August 20. I t a l s o r e p o r t s t h a t a l a r g e p a r t of t h e
i n c r e a s e i s due t o t h e i n f l u x of s h o r t - t e r m E u r o - d o l l a r funds of Soviet o r i g i n .
Table 1 .
'Japan:
Term
Less than 30 days
1 - 3 months
3-6 months
6-12 months
1 y e a r and over
Maximum Authorized Rates on E u r o - d o l l a r Deposits
[ i n p e r - c e n t per annum)
Before
July 19
3.875
lw000
iul25
1.375
L.625
J u l y 19-August 28
Current
iul25
ii.250
1.375
1.625
it.875
3.875
U.125
1.375
1.625
it.875
The l a t e s t change a f f e c t s only E u r o - d o l l a r d e p o s i t s of 3 months or l e s s ,
This c a t e g o r y has been t h e major a r e a i n which t h e l a r g e s t i n c r e a s e s a r e found i n
t o t a l E u r o - d o l l a r d e p o s i t s j i t i s e s t i m a t e d t h a t t h e p r o p o r t i o n of t h e t o t a l i n t h i s
category has r i s e n from 30 t o bO per c e n t .
On August 31, t h e Japanese a u t h o r i t i e s a r e r e p o r t e d t o have f r e e d an a d d i t i o n a l 35 import i t e m s , i n c l u d i n g raw s u g a r , from d i r e c t r e s t r i c t i o n s . As a r e s u l t ,
the r a t i o of t r a d e l i b e r a l i z a t i o n has r i s e n t o 9 2 . 1 p e r c e n t . In August, imports
^
continued to i n c r e a s e but t h e r i s e was more than o f f s e t by a l a r g e export expansion.
As a r e s u l t , t h e t r a d e d e f i c i t f e l l by $19 m i l l i o n . I n t e r n a t i o n a l r e s e r v e s rose by
$26 m i l l i o n i n August, and declined by $3 m i l l i o n i n September,
New Japanese s e c u r i t y i s s u e s i n t h e U.S. t o t a l e d $27 m i l l i o n i n August; howe v e r , t h e r e were no r e p o r t e d i s s u e s i n September. U.S. bank loans to Japan r o s e by $3
m i l l i o n i n J u l y , a f t e r f a l l i n g by $29 m i l l i o n i n June. (See Table 2 ) .
OFFICIAL USE ONLY
(Decontrolled a f t e r 6 m o n t h s )
Table 2,
Japan:
S h o r t - jBnd Lon^-term B o r r o w i l , • _
Change dur5 np p e r i o d
Ohanrc dvvir.r yr .
'
tia.nk loan:ec,:rities.
:
1/
3/
ICO
30
512
7?2
Ji:
760
21?
Ill
250
2;
353
273
IT
-90
..>•
16
ITl ' "17
-! 7
^
8
Y
"?
11
2 i l
56 • 61
W T ~
!
TI'" ' ?*ay
116.2/
J.'J:
?0?
?0
-7i}J
y.
,
},y
2?
36
n.-.
2l._
n.a.
Short-term l i a b i l i t i e s t o U.S» banks,
New s e c u r i t y f l o t a t i o n s .
1 re.Liminarv.
*'-onny r r j k o t . Ca '.! lo^.n i - n , n e t I unchanged m Anpict d e s o i t e a net
n
i
- n r c t .>0 - mone!.«r,' development.':. The expanr' 5 onai?r i n f l u e n c e in
t. nf a ~?3 hi. 11 i - n incr-.'tr-r * -: 'ut v o .lannn loans ard r. Y ' b i l l i o n d e c l i n e in
bank no- or 1" r.} rchlri 7 ~n ',rpf- rni • .
o: > ot
~ b i l l i o n d e c l i n e '• n. Sank oV
,T'-^nv. • b')>r'
and net Trc'Tin*:/ ?rc^"» "st.n of *-lb'3 b i l l i o n .
c
o
I n t e r e s t r a t e s . The u n c o n d i t i o n a l call, loan r a t e ( f o r loans r-.;paya.ole a t
a day 1 s n o t i c e ) remained unchanged a t 7 . 3 per c e n t during August and through the
f i r s t t h r e e weeks of Seotember. The r a t e f o r overnight money remained a t
o>?r
r.rnt.
The average i n t e r e s t r a t e on bank loans and v i s c o u n t s ontlnued it;.r>r. l.ino hi -n.n", (Hee i'-uilc 3 ) . The June r a t e of 7.75 per cent ivas the lowes 1.
avr
-o in + -'j:-oct n-cto :u i reccrt.
.
Table 3.
Japan:
Average Monthly I n t e r e s t Rat us on Bam< u v - a r f
^19
March
.,1111a
September
-ecember
J8
".28
r.06
M l
p
.??
%lli
P . OP
IVdl
j;y-;
7.92
7..'#
R.00
r.?2
::
.2-
V>* rco-jid.,-
V"-.
8.23
K.np
Rank loans and discount:- . !-tatiic rrev.it rose 1.7 dor. cmi. if J u l y , enr- >•- rwi
a r i ne of 3 , 3 oer c e n t a y e a r e a r l i e r . This i s in l i n e with r.'ne fen o r a l tendency
i n -''i vc uf
n a s t seven months f o r bank c r e d i t t ? v* ih: a~. r. i.ast-cr,e ho an ,n the.
cormsDonding months of 19^2. Tn J u l y , loans ant b i l l s discounted ?-.r-e ir ? . *r> d
1.O o e r c e n t ,
respectively,
c:?m.j a r , e o »•/ » t b
i n c r e a s e s of l . L
and u . y
u' r r . t u i d :
i.y -
19b?, The r a t e of i n c r e a s e in secm-i t y h o l d i n r s iii J'lly 19(>3 was much s m a l l e r than a
• y - a - " ' . ^ r v 0,1; nor cent as com oared to 1.6 p e r c e n t . L'euO: :• t.° ro:-:e by v . ?
cent
in c o n t r a s t t o a 0," <y-r cent i n c r e a s e a y e c r ear', i ^ r .
'I-:!
OFFICIAL USE ONLY
-3-
The p r o p o r t i o n of bank l o a n s and d i s c o u n t s extended f o r purchases of
equipment was 16.6 per c e n t in J u l y , s l i g h t l y higher than i n June, but s t i l l l e s s
than t h e May r a t i o .
Bond market. New i s s u e s o f . d o m e s t i c bonds t o t a l e d ¥117 b i l l i o n i n J u l y ,
down ¥2 b i l l i o n from June, b u t . s t i l l higher than a y e a r ago. New i s s u e s of p u b l i c
c o r p o r a t e debentures t o t a l e d ¥25 b i l l i o n , ¥5 b i l l i o n more t h a n i n May. New i s s u e s
of bank debentures t o t a l e d ¥73 b i l l i o n and i n d u s t r i a l debentures ¥20 b i l l i o n , marking a r i s e of ¥li b i l l i o n and a d e c l i n e of ¥3 b i l l i o n , r e s p e c t i v e l y , from the May
level.
The average y i e l d of government s e c u r i t i e s and p u b l i c c o r p o r a t i o n bonds
was unchanged in J u l y , However, t h e y i e l d on i n d u s t r i a l bonds f e l l to i t s lowest
l e v e l of t h e y e a r .
Stock market. During J u l y and August, stock p r i c e s d e c l i n e d s t e a d i l y .
This d e c l i n e was brought to a h a l t during the second week of September, a f t e r t h e
Dow Jones s t o c k index had f a l l e n t o t h e y e a r ' s low of ¥1296. Between September 9
and 17, the p r i c e index r o s e by 8 p e r c e n t . However, t h i s sharp s p u r t i n p r i c e s was
s h o r t - l i v e d , and by t h e end of the month stock p r i c e s were almost down t o the y e a r l y
low.
Table In
Japan:
5
12
19
26
30
Dow Jones Average of 225 S t o c k s , F i r s t Section of Tokyo Stock Exchange
¥1,392
1,103
1,372
1,311
1,351
, Seoten.be r
2
9
17
23
30
,
¥l,3lili
1,295
1,1(02
1,356
1,301
1962
High
Low
¥1,590
1,216
1963
High
Low
1,63U
1,295
Foreign t r a d e . The s e a s o n a l l y a d j u s t e d d e f i c i t on t r a d e account d e c l i n e d
i n August from t h e very high J u l y l e v e l as e x p o r t s r o s e by 12 p e r cent and imports
by 6 per c e n t . (See Table 5 ) . The reduced d e f i c i t , r e p r e s e n t i n g a n a m i a l r a t e of
S i . 5 b i l l i o n , was s t i l l q u i t e s i z e a b l e i n comparison with previous months. The t r a d e
d e f i c i t was running a t an annual r a t e of $1.2 b i l l i o n i n the second q u a r t e r of t h e
y e a r and a t a r a t e of $0.9 b i l l i o n i n t h e f i r s t q u a r t e r . The t r a d e f i g u r e s i n Table 5
a r e based on customs r e t u r n s and have been s e a s o n a l l y a d j u s t e d by f a c t o r s computed
by t h e Board of Governors of t h e F e d e r a l Reserve System,
Table 5 .
Japan :
I
Imports
Exports.
Trade Balance
I4.9I4.
378
-=uE
11
168
L08
T-50
Seasonally Adjusted Foreign Trade
( i n m i l l i o n s of d o l l a r s )
1962
III
IV
L52
i;28
-"TIT
h6h
hl9
- 99
I
U88
Ui5
^73
OFFICIAL USE ONLY
XX
5U5
1»1»2
-103
1963
June
535
136
July
579
L36
^10
Aug.
611
187
%12S
Exchange /-^serves and c a p i t a l flows« I n t e r n a t i o n a l r e s e r v e s d e c l i n e d by
'33 m i l l i o n i n Seoternber to a l e v e l of 81,906 m i l l i o n , This follows a r i s e of $26
m i l l i o n i n August, Accordinr; t o p r r l i m i n a z y r e p o r t s , Japanese s h o r t - t e r m l i a b i l i t i e s
t o U.S. banks rose by A 3 m i l l i o n i n July* (See Trblp 6 ) . as compared t o a $27
m i l l i o n d e c l i n e i n June,
September,
There have been no r e p o r t s of Japanese s e c u r i t y i s s u e s i n the U.S. during
Table 6,
Jan,
Feb.
Mar.
S h o r t - t e r m Claims by U.S. Banks on Japan
rin m i l l i o n s of U.S. d o ? l a r )
Aor.
June
JulySent.
&SL
201
1959
168
260
22h
2h?
256
269
175
i960
362
l.?o
1.88
628
372
250
167
586
1961
875
1,3U1
952 1,069 1,159 1,196 1,272
1,335
1962 1,601 1,6P,5 1,778 1,775 1,762 1,758 , 1 , 7 6 5 ^ / 1,767
^ 1 9 6 3 ^ 6 9 7 ] , 6 9 1 1 , 7 % 1 / 7 6 1,896 1,869^/ 1 , 8 7 2 - /
NOTE: Data f o r 1962 and 1963 r e c e n t l y r e v i s e d ,
a / Preliminary,
262
660
1,288
1,711
Oct.
262
693
1,281
1,710
Nov.
Dec.
275
321
806
711
1,292 1,528
1,662 1,710
Foreign exchange^ The yen s t r e n g t h e n e d i n the spot market towards t h e end
of Aupust, but then weakened during the f i r s t h a l f of September. (See Table 7) • In
the three-month forward market, t h e yen remained unchanged from August 22 through
September 12, but a t a s l i g h t l y more d e p r e c i a t e d l e v e l than p r e v i o u s l y . The forward
discount widened c o n s i d e r a b l y on August 29 as the spot r a t e was a p p r e c i a t e d , but
narrowed t o e a r l i e r l e v e l s by mid-September.
Table 7,
Japan:
Customer's T* T, Exchange Rates of Bank of Tokyo i n Tokyo
Ten-dollar
Spot Middle
Rate
Three-month
forward middle
rate
, Forward discount
i n p e r cent p e r
annum
July
26
362.35
362. S3
.20
Aug,
2
9
15
22
29
362.35
362.35
362.25
362.30
361.95
362.53
362.58
362.58
362.60
362.60
.20
.25
.36
.33
.72
5
12
362.20
362.30
362.60
362.60
.Ui
.33
Seot.
OFFICIAL USE ONLY
;
OFFICIAL USE ONLY
II.
India:
Money and C a p i t a l Markets During August 1963
During August, bank d e p o s i t s i n c r e a s e d . b u t more slowly than p r e v i o u s l y .
Bank c r e d i t did not d e c l i n e as much as in July and t h e r e was a s l i g h t t i g h t e n i n g i n
t h e market f o r s h o r t - t e r m money, although t h e c a l l money r a t e was s t i l l r e l a t i v e l y
low. With e n l a r g e d f i n a n c i a l r e s o u r c e s t h e banks g r e a t l y expanded t h e i r holdings
of government s e c u r i t i e s . To do so, they a l s o i n c r e a s e d t h e i r borrowings from the
Reserve Bank.
The I n d i a n a u t h o r i t i e s withdrew some of t h e f i n a n c i a l r e s t r i c t i o n s put
in e f f e c t a f t e r t h e Chinese invasion l a s t y e a r . The gold market was allowed t o
reopen but t r a n s a c t i o n s comprised lh c a r a t gold i n s t e a d of b u l l i o n . The September
m o d i f i c a t i o n of t h e Gold Control Rules i n e f f e c t removes a l a r g e p a r t of t h e
r e s t r i c t i o n s on t h e gold t r a d e . O f f i c i a l d a t a i n d i c a t e a c o n t i n u a t i o n of the downward p r i c e t r e n d on g o l d . The Compulsory Deposit Scheme included i n t h e 1963-61i
budget by former Finance M i n i s t e r Desai was rescinded on September 21, 1963, by t h e
new Finance M i n i s t e r Kushnamachari. Stock p r i c e s remained depressed but s t a b l e
during August.
Money m a r k e t . The August r a t e on d a y - t o - d a y money was s l i g h t l y h i g h e r
than t h e J u l y low. ("See Table 1 ) . The c a l l money r a t e f e l l t e m p o r a r i l y at t h e
end of the month to 1,3b p e r c e n t , but i n c r e a s e d s h a r p l y i n the f i r s t p a r t of
September.
"
'
Table 1 .
India:
Inter-Bank C a l l Money Rate in Bombay-
Monthly average:
1962
June
July
August
2.88
1.80
2,20
1963
June
July
August
3.51 ,
1,912/
S e l e c t e d d a t e s - 1963:
August
2
9
1.00
2.8b
23
30
2.03
1,3b
16
a/
2.66
Sentember
6
13 .
2.72
3.12
Average of F r i d a y s .
Gold market. The m o d i f i c a t i o n of the Gold Control Rules on September 21,
1963, p e r m i t s making ornaments purer than l b c a r a t s from e x i s t i n g gold ornaments,.
but not from new s t o c k s , ' On August 28, 1963, gold p r i c e q u o t a t i o n s were o f f i c i a l l y
resumed. They i n d i c a t e a c o n t i n u a t i o n of the downward p r i c e t r e n d . " The average
p r i c e i n June was $ 7 b . l 9 p e r f i n e ounce (converted a t p a r v a l u e ) , but on August 30,
1963, i t had f a l l e n t o the f i n e ounce e q u i v a l e n t of $71.b7, and on September 20, 1963,
t o $67.05. In c o n t r a s t , the gold p r i c e had reached a. high of $82.82 p e r f i n e ounce
i n August 1962o
http://fraser.stlouisfed.org/ I
Federal Reserve Bank of St. Louis
OFFICIAL USE ONLY
'
OFFICIAL USE ONLY
-6-
Stock m a r k e t , Stock p r i c e s during August were s t a b i l i z e d a t a s l i g h t l y
lower l e v e l t h a n i n J u l y (See Table 2) but i n t h e f i r s t two weeks of September t h e
i n d e x i n c r e a s e d t o t h e May l e v e l . However, s t o c k p r i c e s c o n t i n u e t o -remain
d e p r e s s e d a p p a r e n t l y due t o heavy t a x e s , p a r t i c u l a r l y on p r o f i t s .
Table 2,
India:
P r i c e Index of V a r i a b l e Dividend I n d u s t r i a l S e c u r i t i e s
:
(1952-53 = 100)
~~
Monthly a v e r a g e :
1962
June
189.9 July
• I8U0O
August
187.0
. 1963
June
July
August
l6l,5
162.2
l6l.li.
S e l e c t e d d a t e s - 1963:
August
3
10
17
2L
31
160,0
160,1
160,L
160.7
161.9
September
7
1U
163.3
16U.2
Banking developments« I n August t h e t r e n d of t h e p r e v i o u s t h r e e months
c o n t i n u e d with some m o d i f i c a t i o n s : bank d e p o s i t s i n c r e a s e d , bank c r e d i t f e l l ,
h o l d i n - s of government s e c u r i t i e s r o s e s h a r o l y and borrowings from t h e Reserve Bank
increased s l i g h t l y ,
(See Table 3) * T o t a l d e p o s i t s were 7*h p e r c e n t h i g h e r t h a n
August 1962, In August 1963, bank d e p o s i t s r o s e by l e s s t h a n i n J u l y . The d e c l i n e
i n bank c r e d i t was reduced in August»
•
I n c r e a s e d h o l d i n g s of government s e c u r i t i e s r o s e almost double t h a t of t h e
p r e v i o u s month t This r e f l e c t s t h e i n f l u e n c e of t h e C e n t r a l Government's borrowing
program f o r f i s c a l 1963-6L. Borrowrings from t h e Reserve Bank r e v e r s e d t h e d e c l i n ing t r e n d of t h e p a s t t h r e e summer months.
Table 3«
1962
August
1963
June
July
August
Deposits
India:
Scheduled Banks-Monthly Changes i n D e p o s i t s , Borrowing from
Reserve Bank and P r i n c i p a l A s s e t s
( i n m i l l i o n s of r u p e e s )
Per c e n t
Bank Per c e n t
Holdings of
Per c e n t Borrowings from
Change
C r e d i t Change
Gov't S e c u r i t i e s
Change
Reserve Bank
+21
+ =1
+llli
+387
+398
+230
+1,8
+1,9
+1.1
-238
-L35
-251
+8.2
-1.5 .
-2.8
-lo7
+U02
+ 6.1
+153
- +2L8
_+3L2
+738
+ 3,9
+ 5.2
+10,7
-1U9
- 12
+ 50
Exchange r e s e r v e s 0 During August, I n d i a ' s i n t e r n a t i o n a l r e s e r v e s f e l l $13
million to
m i l l i o n which i s not an u n u s u a l s e a s o n a l d e c l i n e when compared t o
c o r r e s p o n d i n g changes i n t h e p r e v i o u s y e a r , (See T a b l e U).
0FFICIAL USE ONLY
OrYIGIAL USiC ONLY
Table h.
I n d i a : I n t e r n a t i o n a l Monetary Reserves -of Reserve Bank
( i n m i l l i o n s of d o l l a r s - l a s t Friday of month)
Month:
June
1962
1963
h6b
hh$
June
July
August
1|71
a$9
uii6
S e l e c t e d d a t e s - 1963:
August
?
9
16
23
30
h$k
LU8
LL6
163
Sentember
6
13
hb9
LS2
hhS
Asia, A f r i c a and Latin America S e c t i o n .
-""III.
Chart
Chart
Chart
Chart
Chart
Chart
Chart
Chart
Nine Charts on F i n a n c i a l Markets' Abroad
1
2
3
h
5
6
7
8
I n t e r 1st A r b i t r a g e , United States/Canada
I n t e r e s t A r b i t r a g e , New York/London
I n t e r e s t A r b i t r a g e f o r German Commercial Banks
I n t e r e s t A r b i t r a g e , Frankfurt/London
Short-term I n t e r e s t Rates
Long-term Bond Yields
I n d u s t r i a l Stock I n d i c e s
Spot Exchange Rates
Major Currencies
Against U.S. D o l l a r
Chart 9 - 3-month Forward Exchange Rates
-
:
OFFICIAL USE ONLY
INTEREST ARBITRAGE,
UNITED
STATES/CANADA
Thursday < i g i
13-MONTH
TREASURY
BILL R A T E S
, 1• 1
I..
. 1
.1
1
1
1 .
1
| RATE D I F F E R E N T I A L A N D F O R W A R D C A N A D I A N
•—L
~L
DOLLAR
1
Cj\J
J
G
% u r*
1
S P R E A D IN FAVI 0 1 OF <I A N A D A +
1.
1
/
W
>\
j
FOI W A | D _ | ATI !\
ID
4
" " I
jf V 7
1 1
RATE
i
i
i i
11
DIFFERENTIAL
11
WITH
1 1
1 1
FORWARD
I |
1 1
m
EXCHANGE
I
K
r
m
i
i
br >/
'
V
i
i
i
i i
i
i i
i
COVER!
NET I N C E N T I V E IN F A V O I Of CANADA +
J_LL1- J . . i J
LLL
U
rr
fj
IT
I
$
j
$
f
A
INTEREST ARBITRAGE,
3-MONTH
\
TREASURY
~
1
NEW
BILL R A T E S
LONDON
RATE D I F F E R E N T I A L A N D
I
1
YORK/LONDON
1
L—
L -
RATE DIFFERENTIAL WITH
3-MONTH
FORWARD
. I— .. _L
FORWARD
. I-
STERLING
1— l
EXCHANGE
COVER
*-
INTEREST
ARBITRAGE
FOR
GERMAN
COMMERCIAL
BANKS
Friday li 9 u
3-MONTH
TREASURY
-EURO-DOLLAR
B I L L_S_£_I N T E R B A N K
DEPOSIT
GERMAN INTERBANK
T LOAN RATE
RATES
EURO-DOUAR
I
DIFFERENTIAL
AND
FORWARD
DIFFERENTIAL
-
^
,
DEUTSCHE
WITH
FORWARD
EXCHANGE
IN F A V O R Of F R A N K F U R T ( + )
rv
Note:
Special forward role available 10 German commercial banks
1
MARK
DISCOUNT ( — )
- A INTERBANK LOAN RATE
RATE
RATE
T
-q: 1 0 N D 0 N = _ ' / V %
r-'
RATE
LENDIN G
T
COVER
\
AND
INTEREST
ARBITRAGE,
Friday figures
3 — M O N T H TREASURY
FRANKFURT
BILLS
AND
/
L O N D O N
INTERBANK
LENDING
RATES
; i O A N RATE
~f\
,1
GERMAN TREASURY I I U S
RATE
DIFFERENTIAL
AND
3—MONTH
FORWARD
STERLING
^/~\\^GERMAN mASURV^IUS
G E R M A N I N T E R B A N K L O A N . RATE
RATE
DIFFERENTIAL
TH
FORWARD
V
EXCHANGE
COVER
V—
1961
1962
1963
S H O R T - T E R M INTEREST RATES *
I
1
V
i V - v V
K.
V l
i
k
—
\
'
I
I
f \
j^LjttURO-D
?
T
• x l / V
1 1 1 1 1 1 1 1
/V-V
N/1
i
L___TGE**ANY
i M 1 1 1 1 1
M
i
1 1 I I
1 I I
1 II
1
I I
1 1 1 1 1 1 I I
1
i i i i
r i i i U - U
*-/*,!
*
1
1962
"X" 3 month treasury bill r o i e i lor oil countries except Jopon
I and Switzerland (3 month deposit r o l e )
( Averoge role on bonk loom and discounts)
1963
L O N G - T E R M B O N D YIELDS
7
w
1960
1961
1962
J N
D U
S T R J A L
S T O C K
J N D I C E S I
19 5 8 = , 0 0
Ratio s t o l e
GERMANY
\
r
450
350
CANADA
Xv-v-%
1960
Jopon:
inde* of 2 2 5 i n d n l r i o l and olhet i l o c t i I r o d t d on ihe
Tokyo exchange.
iS P O T E X C H A N G E RATES - M A J O R
CURRENCIES A G A I N S T U.S. DOLLAR
Per
t e n t
A b o v por
Below por
Abov# por
Below p a r
Above p a r
I T A L I A N LIRA
7 T If T T 7 7
A ' T
O~ ~M
D
J
TV
A M
7
J
A
s "o
N
D J
F
~M A
M
J
J
A
S
O' N
D
3-MONTH
FORWARD
EXCHANGE
RATE
F r i d a y lig u re i
AGAINST
U. S. D O L L A R S
POUND STIRLING
AGAINST
POUND
STERLING
- LPNDON
PREMIUM +
GERMAN M i l l
— r
AGAINST
POUND
STERLING* - L O N D O N
I
PRIMIUM +
DUTCH OUIIDII
I I I 0 1 AN FRANC
UINCH nmc
DISCOUNT
111!
mi
@FedFRASER