New York, Dec. 19 (Jiji Press)–The dollar surged above 157.50 yen in New York trading on Friday, as investors sold the Japanese currency amid uncertainty over the Bank of Japan’s next policy rate hike and deep-rooted concerns about the country’s fiscal deterioration. At 5 p.m., the greenback stood at 157.70-80 yen, up 2.18 yen from a day before. The yen also tumbled against the euro, with the European currency reaching an all-time high of 184.72 yen. At its policy-setting meeting on Friday, the BOJ decided to raise the policy rate, its target for the unsecured overnight call rate, from around 0.5 pct to around 0.75 pct, a level unseen in about 30 years. However, yen selling accelerated after BOJ Governor Kazuo Ueda stopped short of signaling eagerness to raise interest rates further at his subsequent press conference. END [Copyright The Jiji Press, Ltd.]
Yen Falls past 157.50 per Dollar, Hits All-Time Low against Euro
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