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Yen Hits Highest Against Dollar Since 1995 on Radiation Concern

Posted By admin On March 16, 2011 @ 12:05 pm In Money Watch | Comments Disabled

Charles Mead and Catarina Saraiva
Bloomberg [1]
Wednesday, March 16, 2011

The yen reached its strongest level since 1995 versus the dollar as risk of radiation leaks from crippled nuclear plants in Japan added to speculation insurers and investors will redeem overseas assets to pay for damages.

Japan’s currency gained for the fourth straight day amid speculation the strength of the yen may prompt intervention to weaken it by the Bank of Japan for the first time since September. The euro fell for the first time in four days after Moody’s Investors Service downgraded Portugal’s credit rating, reviving concern about the region’s ability to solve its debt crisis. The Swiss franc gained as violence in the Middle East and concern in Japan prompted haven-asset buying.

“The more macabre headlines you see pertaining to the nuclear reactors, the more speculation you are going to see over repatriation,” said Jessica Hoversen, a Chicago-based analyst at the futures broker MF Global Holdings Ltd. “I think 80 is a line in the sand for the central bank.”

The yen rose 0.6 percent to 80.20 at 12:55 p.m. in New York, from 80.71 yesterday. It gained as much as 0.9 percent to 79.98 per dollar, the strongest since April 1995, when it touched a post-World War II high of 79.75.

Full story here. [1]

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[1] Bloomberg: http://www.bloomberg.com/news/2011-03-16/yen-hits-highest-against-dollar-since-1995-on-radiation-concern-in-japan.html

[2] Image: http://purewaterfreedom.com/

[3] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[4] Dollar Hits 3 Year Low Against Basket Of Currencies: http://www.prisonplanet.com/dollar-hits-3-year-low-against-basket-of-currencies.html

[5] China ‘Super Currency’ Call Shows Dollar Concern: http://www.prisonplanet.com/china-%e2%80%98super-currency%e2%80%99-call-shows-dollar-concern.html

[6] Gold Rises to 18-Month High on Inflation Concern, Weaker Dollar: http://www.prisonplanet.com/gold-rises-to-18-month-high-on-inflation-concern-weaker-dollar.html

[7] Stocks Slide on Economy Concern; Yen, Dollar, Treasuries Gain: http://www.prisonplanet.com/stocks-slide-on-economy-concern-yen-dollar-treasuries-gain.html

[8] Gold Climbs to $1,300 on Dollar Concern; Silver at 30-Year High: http://www.prisonplanet.com/gold-climbs-to-1300-on-dollar-concern-silver-at-30-year-high.html

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