- Title: JAPAN: Dollar hits 14-year low on yen
- Date: 27th November 2009
- Summary: TOKYO, JAPAN (NOVEMBER 26, 2009) (REUTERS) KAWASE.COM TRADING CENTRE TRADERS ON COMPUTER TRADER LOOKING AT SCREEN JAPANESE AND AMERICAN FLAGS WITH SCROLLING PRICES IN BACKGROUND SCREEN THAT READS 86.68 TRADERS WORKING ON COMPUTER MORE OF TRADERS ON COMPUTER GRAPH SHOWING MOVEMENT OF YEN / DOLLAR MORE OF GRAPH SHOWING YEN / DOLLAR MOVEMENT KAWASE.COM YEN / DOLLAR EXCHANGE AREA
- Embargoed: 12th December 2009 12:00
- Location: Japan
- Country: Japan
- Topics: Finance
- Reuters ID: LVA9NCU1IQ9G9DDZ8M78JWD5MRVU
- Story Text: The dollar tumbled to its lowest in 14 years against the yen on Thursday (November 26), tripping sell orders as investors sold on the view its broadbased weakness has further to go.
Traders have been doubting Japanese authorities would step in at this stage to break the fall because its weakness is against a range of currencies. It also hit a 15-month low on the dollar index, which measures its performance against six currencies.
The greenback fell as far as 86.52 yen, its weakest level since 1995. Dealers were not ruling out a drop towards 86 yen or even 85.50 in the near term, as the dollar was under pressure across the board, giving it some momentum.
The dollar initially broke through key levels on Wednesday (November 25), hitting a 15-month low against the euro and against the basket of currencies, after an indication from the Federal Reserve that its fall has been orderly and interest rates will stay low for some time.
It fell to just above 0.9900 Swiss francs on EBS, hitting its lowest since April 2008.
But the euro remained below Wednesday's 15-month high of 1.5145 U.S. dollars as the gain in the franc weighed on the single European currency, pushing it to its weakest in five months at 1.5012 francs.
The euro was at $1.5113.
- Copyright Holder: REUTERS
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