Yen Rises to Two-Year High Versus Dollar

The yen rose to the highest level in more than two years against the dollar on concern widening credit-market losses and record fuel costs will slow global economic growth.

Currencies in Australia, South Africa, Brazil and New Zealand tumbled at least 2.4 percent versus the yen as investors exited higher-yielding assets funded by loans in Japan. The dollar rebounded from a record low against the euro as traders sought safety in Treasuries. Global stocks fell, crude oil rose above $99 a barrel and the cost to borrow dollars increased.

The yen rose 1.2 percent to 108.59 per dollar at 9:37 a.m. in New York and touched 108.26, the strongest level since June 2005. The Japanese currency advanced 1.4 percent to 160.90 per euro.

Yen Rises to Two-Year High Versus Dollar, Bloomberg
11/21/2007 6:53:49 AM