Bear bust led to dollar-support plans - report

The financial authorities in Frankfurt, Washington and Tokyo considered joint action to stabilise the falling dollar, a leading Japanese business newspaper has reported.

Nikkei, a newspaper, reported that officials from the US Treasury, Japan's finance ministry and the European Central Bank drew up a currency contingency plan over 15-16 March, the weekend Bear Stearns, a US investment bank, collapsed.

The joint intervention, had it happened, would have been the first for eight years; the last