Dollar Hits 20-month High vs Yen

The dollar jumped to a 20-month high against the yen Monday after Japan elected a new prime minister over the weekend.

Traders sent the yen lower on concerns that new Prime Minister Shinzo Abe will push for a change in monetary policy.

Abe, Japans seventh prime minister in just over six years, said before he was elected that he wanted the countrys central bank to cut interest rates to zero or below to boost Japans economy. That move could weaken the yen.

The dollar rose to 83.83 Japanese yen late Monday from 83.46 late Friday. The dollar rose as high as 84.207 Japanese yen earlier, its highest point against the yen since April 13, 2011.

Read the rest of the story: Dollar jumps to 20-month high vs yen.

Leave a Reply

Your email address will not be published.