Dollar Plunges to Record Low Against Yen in Tokyo Market

The U.S. dollar plunged to a record low against the Japanese yen today in Tokyo, tumbling to its lowest level since the late 1940s in heavy trading despite renewed intervention by the Bank of Japan.

The dollar closed at a record 150.45 yen in Tokyo, compared with Friday’s closing at 153.10 yen, after briefly dipping below 150 yen for the first time since 1949. Later in London, where trading begins after Japan’s business day is over, the dollar traded at 150.90 yen in early activity.

Dealers said the Bank of Japan bought between $1 billion and $2 billion in efforts to support the dollar, although central bank intervention has had little effect in recent days.

Dealers said many Tokyo market participants had thought the dollar would stay at least above its previous record low. When it easily fell through that point, they said, dollar-selling pressure intensified.