Dollar Tumble Bad News For Exporters
By Malcolm Foster |
November 27, 2009, Friday
|
Print Edition
Print Edition
THE dollar tumbled to 14-year low against the yen yesterday, adding to pressure on Japan's beleaguered exporters, amid indications United States interest rates will remain low and the Federal Reserve isn't overly concerned about the dollar's slide.
The dollar sank to 86.27 yen in Tokyo trading, the lowest since July 1995, and sent the Nikkei 225 stock average down by 0.6 percent to 9,383.24. It later recovered to near 86.80.
Analysts said some investors were selling the dollar to buy gold, which surged to a record yesterday. A strong yen is bad for Japan's economy because it erodes overseas income.
The dollar sank to 86.27 yen in Tokyo trading, the lowest since July 1995, and sent the Nikkei 225 stock average down by 0.6 percent to 9,383.24. It later recovered to near 86.80.
Analysts said some investors were selling the dollar to buy gold, which surged to a record yesterday. A strong yen is bad for Japan's economy because it erodes overseas income.
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