New York, Nov. 17 (Jiji Press)–The yen came under selling in New York on Monday morning, falling to 180 versus the euro for the first time ever. At 11 a.m. the euro stood at 179.90-180.00 yen, up from 179.55-65 yen at 5 p.m. Friday. The Japanese currency also weakened against the dollar. The greenback was at 155.10-20 yen, up from 154.47-57 yen. Yen selling versus the euro increased in line with the Japanese unit’s drop vis-a-vis the dollar reflecting a rise in U.S. long-term interest rates amid receding expectations for an interest rate cut by the U.S. Federal Reserve by the end of the year, market sources said. Currency players also moved to sell yen due to concerns over a worsening in Japan’s fiscal condition. Meanwhile, the euro attracted buying because of expectations that the European Central Bank will not lower interest rates for the time being, the sources said. END [Copyright The Jiji Press, Ltd.]
Yen Falls to 180 against Euro for First Time
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