FED'S JOHNSON SAYS FED ACTED TO STABILIZE DOLLAR

  Federal Reserve Board Vice Chairman
  Manuel Johnson said the dollar has stabilized against other
  currencies after action taken by the Fed.
      "We have taken the appropriate action and the dollar has
  stabilized," Johnson said after testifying to a House Banking
  subcommittee.
      He did not elaborate on the nature of the action nor when
  it was taken, but said that it was in the spirit of the
  agreement reached by six industrial nations in Paris recently.
      Johnson said the dollar's decline against other currencies
  such as the Japanese yen has been gradual.
      Since the accord by the United States, Britain, West
  Germany, Japan, France and Canada, foreign exchange markets
  have been closely watching for indications of intervention by
  central banks to determine the committment by those nations to
  their agreement.
      The nations agreed that currency exchange rates were at
  about the correct levels when the pact was signed earlier this
  year.
  

