Tokyo, March 2 (Jiji Press)–The dollar briefly rose above 157 yen for the first time in about three weeks in Tokyo trading Monday as the U.S. currency attracted buying amid heightened geopolitical risks in the Middle East following U.S. and Israeli attacks on Iran. At 5 p.m., the greenback stood at 156.98-99 yen, up from 156.08-10 yen at the same time Friday. The euro was at 1.1717-1717 dollars, down from 1.1815-1815 dollars, and at 183.92-93 yen, down from 184.40-44 yen. The U.S. currency was supported by purchases of safe-haven assets amid heightened uncertainty, a practice known as “emergency dollar buying.” “There was no visibility on the future of the Middle East situation, and moves to buy dollars intensified,” a foreign exchange broker said. “Some people sold yen thinking that high crude oil prices will worsen Japan’s trade balance and economy,” an official of a major Japanese bank said. “It’s necessary to wait and see the reaction of the European and U.S. markets.” END [Copyright The Jiji Press, Ltd.]
Dollar Briefly Tops 157 Yen on Middle East Woes
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