The dollar has slipped against the yen yesterday on the London forex market a day ahead of the announcement of the Japanese economic stimulus plan, while sterling put on a strong performance despite reports suggesting that British interest rates have reached their peak. The dollar was down in late afternoon to Y130.21 against Y130.79 Wednesday evening in London, while sterling was off to $1.6664 against $1.6744. It was also going for DM3.0018 against DM3.0003 Wednesday.

In Dublin, the pound was worth $1.4015, from $1.4065 the previous day.

Sterling was firm late in the day, but had dropped below 10 French francs during the session, its lowest point in two months, and to less than DM2.98. The currency eased early in the session on reports there were now fewer advocates of a rate rise on the Bank of England's monetary policy committee. Moreover, British retail sales were up less than expected, and some analysts take that as pointing to a slowdown of the economy. But sterling firmed in the afternoon after the Chancellor of the Exchequer, Mr Gordon Brown said the government did not have any strategy aimed at pushing sterling down. In Dublin the pound edged above 84p to close at 84.16p sterling.