Tag Archives: Dollar – Yen

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.

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US Dollar Jumps as Japan Intervenes To Pull Yen Back From Record Levels

Japan’s new finance minister, Jun Azumi, carried through on his threat to intervene in currency markets to reverse a strengthening of the yen that has hurt the country’s vital export sector.

The yen weakened sharply to 78.30 to the dollar Monday morning in Tokyo, retreating from a post-World War II record of 75.31 yen touched in early trading. Azumi confirmed that the Japanese government had sold yen for greenbacks, and would continue doing so until it was “satisfied,” according to Kyodo News.

The benchmark Nikkei 225 average rose through the 9,100 level for the first time since Aug. 16.

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