Plan By William L. Watts Last update: 6:20 a.m. EDT Aug. 28, 2008 LONDON (MarketWatch) -- U.S., European and Japanese authorities drafted an intervention plan in March designed to rescue the U.S. dollar if it continued to plunge, Japan's Nikkei business newspaper reported. The plan, which went unused, was drafted the weekend of March 15-16, at the time the dollar was under heavy pressure amid the collapse of investment bank Bear Stearns, Reuters reported, citing the Nikkei article. The plan was reportedly drafted by officials from the U.S. Treasury, Japan's Finance Ministry and the European Central Bank. The plan didn't specify levels that would trigger the rescue, but marked an agreement to coordinate aggressive dollar-buying while selling yen and euros, the report said.
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