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Dollar tops above 118.98 yen to register record 7-year high

Dollar tops above 118.98 yen to register record 7-year high

LONDON: The dollar touched to a new seven-year high against the yen on Monday amid growing anxieties over deflationary stress in Japan in the face of descending oil prices.
The drop in oil prices has worked to further highlight the divergence in US and Japanese monetary policies, with the Bank of Japan’s aim of vanquishing deflation expected to take longer than initially expected. The dollar was up 0.3 percent at 118.93 yen after hitting 119.02 on the EBS trading platform, the highest since August 2007.