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.