FOREX-Yen drops to lows vs dollar

29/12/2012 16:21 AST

The yen's spiral continued on Friday, with the Japanese currency registering a more than two-year low against the dollar and a 17-month nadir versus the euro in early Asian trading on expectations of more stimulus steps from the country's new government.

The dollar slipped slightly against the euro ahead of weekend talks in Washington aimed at avoiding the "fiscal cliff" of tax increases and spending cuts, although the two sides appeared to remain far apart.

Japan's new Prime Minister Shinzo Abe has vowed to weaken Japan's currency and push through aggressive stimulus to fight deflation. One of Abe's key advisers told Reuters in an interview on Thursday that the Bank of Japan needed to set a higher price target, and the government needed to make the central bank more accountable for its policy objectives.

The dollar rose as high as 86.64 yen on trading platform EBS, its highest level since August 2010. It last stood at 86.42 yen, up about 0.4 percent from late U.S. trade on Thursday.

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Reuters

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