The dollar tumbled to 14-year low against the Japanese yen Thursday after indications U.S. interest rates will remain low and that the Federal Reserve isn’t overly concerned about the dollar’s slide. The dollar sank to 86.51 yen in Tokyo trading, the lowest since July 1995.
Analysts said some investors were selling the dollar to buy gold, which surged to another record Thursday. Finance Minister Hirohisa Fujii said Japan “will take appropriate steps if foreign exchange rates move abnormally.” A strong yen is generally seen as bad for Japan’s economy because it erodes overseas income for the country’s big auto and electronics exporters.
Click here for more.