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Home / International Markets / USD vs JPY up 0.23% to 118.66 to register 7 years high
USD vs JPY up 0.23% to 118.66 to register 7 years high

USD vs JPY up 0.23% to 118.66 to register 7 years high

NEW YORK: The dollar topped against the yen on Tuesday, beating seven years record.
USD/JPY was up 0.23% to 118.66, not far from Monday’s highs of 119.13, the strongest level since August 2007.
The yen initially fell against the dollar on Monday before regaining some ground, after ratings agency Moody’s downgraded Japan’s sovereign debt rating by one notch to A1.
The ratings agency cited “heightened uncertainty” over Japan’s ability to cut its fiscal deficit following a decision by Prime Minister Shinzo Abe to delay a planned sales tax increase.
The yen has weakened broadly since the Bank of Japan unexpectedly expanded its stimulus program in late October. In contrast, the Fed wound up its asset purchase program in October and is weighing whether or not the economy is strong enough to start raising interest rates next year.