Tuesday, September 7, 2010
The dollar fell to a 15-year low against the yen Tuesday, plunging at one point to 83.52, as the Japanese unit took advantage of its status as a refuge currency amid global economic uncertainty.
The steady rise in the value of the yen in recent weeks has unnerved Japanese authorities who see the trend as a threat to Japanese exports and ultimately to the country’s recovery.
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The gain in the yen was also supported by the absence of new measures from the Bank of Japan, whose policymakers convened Tuesday, to stem the upward momentum.
The bank kept its key interest rate unchanged at 0.1 percent to continue nurturing a moderate recovery and signalled stronger concern about the impact of a surging yen.
This article was posted: Tuesday, September 7, 2010 at 12:51 pm