Dollar at 18-Month Low Against Yen
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TOKYO — The dollar plummeted to a 1 1/2-year low against the Japanese yen in heavy trading in Tokyo today because of rising pessimism over the U.S. economy, traders said. Share prices soared.
The U.S. currency dropped 3.67 yen from Friday’s close, ending the day at 130.05 yen. It was the dollar’s lowest closing level since March 15, 1989, when it ended at 129.88 yen.
Toshiaki Kakimoto, a senior analyst with Sumitomo Bank, said investors unloaded the dollar because of a belief that the U.S. Federal Reserve Board will lower U.S. interest rates after Friday’s release of worsening U.S. labor statistics.
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