Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 4, 2008 3:03:06 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

Dollar Sinks Below 100 Yen

Posted Mar 13, 08 5:10 AM CDT in World,  Business 

(Newser) – The dollar's decline continued today, dropping below the symbolically dramatic threshhold of 100 yen for the first time in 12 years. The greenback held on just above ¥100 during the trading day in Tokyo before slumping to ¥99.80 in Europe this morning. The dollar took a pummeling across the board, trading at record lows against not only the yen but also the euro and the Swiss franc.

The strong yen is causing no rejoicing in Tokyo; its potential drag on exports drove down the Nikkei by 3.3%, hitting its lowest point this year, reports the Financial Times. One Japanese economist estimated that a hundred-yen dollar could shave off half a percent from the country's GDP over six months. The dollar last broke the psychological barrier of ¥100 in September 1995.

Source Financial Times (UK)

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Japan Sinks Into Recession

    Nov 17, 08 2:39 AM CST
    Japan Sinks Into Recession The financial crisis rippling through the global economy has claimed another casualty as Japan has slipped into its first recession in seven years, Reuters reports. Third quarter statistics reveal a 0.1% contraction in Japan's Gross Domestic Product. Japanese economists warn the nation could languish in recession for an entire year and that interest rates may be cut further.
    More »

  • Rate Cut Sparks Global Market Rally

    Oct 30, 08 6:42 AM CDT
    Rate Cut Sparks Global Market Rally World markets rode the back of yesterday’s Fed rate cut to huge gains as investors began looking for bargains and flooded the exchanges with cash, reports the Guardian. Hong Kong was up 12.8%, Seoul rose 11.95%, and Tokyo saw a jump of 9.6%, its fourth largest one-day gain ever. European markets opened higher as well.
    More »

  • Global Stocks Pounded, Dollar Hits Record Highs

    Oct 22, 08 5:40 AM CDT
    Global Stocks Pounded, Dollar Hits Record Highs Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile the dollar soared to $1.62 against the pound—a 5-year high—and hit new levels against the euro.
    More »

  • Barenaked Brit Skinny-Dips at Tokyo Palace

    Oct 7, 08 1:16 PM CDT
    Barenaked Brit Skinny-Dips at Tokyo Palace A naked Westerner jumped into the moat surrounding Japan’s fortified imperial palace today, Reuters reports, climbing its walls during a chase that lasted more than an hour. Onlookers giggled and snapped photos of the 40-year-old bald man, who claimed to be a British tourist from Spain. He was captured and released; “We are checking on his mental condition now,” a spokesman said. More »

  • Pass the Bailout, Or Else We'll Become Japan

    Oct 2, 08 8:27 AM CDT
    Pass the Bailout, Or Else We'll Become Japan Watching the House vote down the bailout package this week, Nicholas Kristof recalled a bad memory: Japanese politicians doing the same thing during the financial crisis of the 1990s. The New York Times columnist, who was then based in Tokyo, watched as a desire to punish "corrupt, profligate, and unsympathetic" bankers ushered in a decade-long decline, from which Japan has still not fully recovered.
    More »

Money traders work at a Tokyo dealing room as the U.S. dollar falls against the Japanese yen as low as 99.84 yen Thursday afternoon, March 13, 2008.   (AP Photo/Kyodo News)
Money traders at a Tokyo dealing room work as the U.S. dollar is traded at between 99.94 and 99.99 yen Thursday afternoon, March 13, 2008.   (AP Photo/Kyodo News)
A 100-yen coin. The dollar dropped below ¥100 for the first time in 12 years.   ((c) MShades)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

Japan • US dollar • Nikkei • yen • Tokyo


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »