U.S. Dollar Hits 14-Year Low Vs. Yen

The U.S. dollar hit its weakest level against the Japanese yen in 14 years, complicating Japan's efforts to spark an economic recovery and underscoring the pressure felt around Asia to deal with the weakening U.S. currency.

Some analysts expect the yen to continue to gain strength now that it has broken through its multi-year high. They point to moves by corporate Japan in recent years to insulate itself from currency fluctuations, as well as other trends that reduce the impact of a stronger yen on the ground in Japan. Both give the currency room to rise further.

"The situation is not likely to change anytime soon," said BofA Merrill Lynch Global Research analyst Tomoko Fujii. BofA Merrill Lynch reversed its forecast earlier this week that called for the yen to weaken against the dollar.

Read Full Article from Wall Street Journal

- Posted: 2009-11-26 10:24:38

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