US dollar surges against yen as euro softens against greenback


AFP

TOKYO–The U.S. dollar shot up against the yen in Asia on Monday as Japan stepped in to weaken its currency after it reached a fresh post-World War II high against the U.S. unit. The dollar stood at 79.20 yen in Tokyo trade against 75.82 yen in New York late Friday, but off a mid-morning high of 79.49.

The move also saw the euro rise sharply to 110.92 yen from 107.29 yen. The European common unit, meanwhile, eased to US$1.4008 from US$1.4147. The Japanese intervention, the first since August, came after the dollar hit a fresh post-war low of 75.32 yen in Oceanian trade earlier Monday.

The yen has renewed post-war highs against the dollar and has surged versus the euro as investors seek the safe-haven currency as a refuge from volatile markets stirred by eurozone debt fears and concerns for the global economy.