Yen extends drop, hits 7-month low vs dollar

by on November 19, 2012 12:09 am GMT

Sun Nov 18, 2012 7:09pm EST

Nov 19 (Reuters) – The yen hit its lowest level
in nearly 7 months against the dollar on Monday as expectations
of more monetary stimulus by Japanese authorities after next
month’s election made holding the already low-yielding currency
even less appealing.

The dollar rose to as high as 81.59 yen on trading platform
EBS, its highest level since late April, and last stood at 81.50
yen, up 0.2 percent from late U.S. trade on Friday.