16 Mar '11, 11pm

Yen hits post-war high against US dollar

Yen hits post-war high against US dollar

NEW YORK: The Japanese yen on Wednesday hit its highest level against the US dollar since World War II as investors weighed the impact of Japan's disastrous earthquake and tsunami. Around 2205 GMT, the Japanese currency was trading at 77.68 yen for a dollar, up from 80.73 yen late on Tuesday in New York. Earlier the yen had strengthened to its highest level against the dollar since World War II - 76.52 yen - amid concerns about Friday's 9.0-magnitude earthquake and massive tsunami in Japan and the unfolding crisis at quake-hit nuclear plants. Once the yen crossed the 79.75 mark, the Japanese currency swiftly gained against the dollar. The euro fell to $1.3903 from $1.3996 in New York late Tuesday, weakened by renewed concerns about eurozone debt after a downgrade on Portugal's sovereign debt. Against the safe-haven Swiss franc, the dollar fell to 0.8993 francs from 0.9161 ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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