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Dollar surges to upper 123 yen level in London.

LONDON, March 21 Kyodo

The U.S. dollar shot up to the upper 123 yen level Wednesday morning in London on a buying spree led by importers and U.S. institutional investors.

After climbing just after 10 a.m. to 123.90 yen, its highest level since May 1999, the dollar changed hands at 123.70-80 yen at 11 a.m., up sharply from 122.93-96 yen at 5 p.m. Wednesday in Tokyo.

Although players bought the yen in early London deals in reaction to the steep climb by the key Nikkei index on the Tokyo Stock Exchange, buybacks of the dollar became dominant, dealers said.

The U.S. currency staged a steep advance earlier in Tokyo, hitting a high of 123.44 yen in the morning, but gave up some of its gains in the afternoon as Tokyo stock prices soared.

The euro, meanwhile, fell in London to $0.8985-8995 and 111.25-30 yen at 11 a.m., compared with $0.9074-9077 and 111.56-61 yen at 5 p.m. Wednesday in Tokyo.

Dealers said weaker-than-expected German economic data helped pull down the European currency.
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Publication:Japan Weekly Monitor
Date:Mar 26, 2001
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