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Dollar climbs to 122 yen in N.Y.

NEW YORK, June 11 Kyodo


The U.S. dollar shot up to a three-week high to sail above 122 yen at one point in New York on Monday on weak data on Japan's gross domestic product (GDP).

At 5 p.m., the dollar was quoted at 121.85-95 yen, compared with 121.45-47 yen at 5 p.m. Monday in Tokyo.

The dollar rose as high as 122.07 yen shortly before 10 a.m., the first rise above 122 yen in three weeks, on buying spurred by concern about the Japanese economy following the release of weak GDP data.

The Japanese government reported Monday that Japan's GDP contracted a real 0.2% in the first quarter of this year from the previous quarter.

''The yen had been bought for the past several weeks in spite of the weak Japanese economy, but the GDP data rekindled concerns about Japan,'' a dealer at a Japanese bank in New York said.

''We are now having the 123 yen level in sight,'' the dealer said.

At 5 p.m., the euro was quoted at $0.8425-8435 and 102.75-85 yen, compared with $0.8486-8488 and 103.06-09 yen at 5 p.m. Monday in Tokyo.

The British pound hit a new 15-year low against the dollar, falling as low as $1.3713 at one point.
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Publication:Japan Weekly Monitor
Date:Jun 18, 2001
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