Dollar Hits 7-Year Low Against Yen
The dollar hit a seven-year low against the Japanese yen in Tokyo on Monday, then slipped back against other major currencies as well. Gold prices were mixed.
The Japanese currency broke through “the magic 190 level, carrying everything else with it,” said David Arbesman, an analyst with Prudential Bache Securities.
He said that the Swiss franc also broke below the psychologically important 2.0-barrier. Tokyo’s markets close before European markets open. At the end of the day in Tokyo, the dollar traded at 189.90 yen, down from 190.85 on Friday.
In London, the dollar lost more ground and was down to 188.20 yen. The dollar also fell against the Japanese currency in New York, where it traded at 187.29 yen, down from 190.60.
Arbesman said that oil prices also fell on world markets during the day.
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