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Dollar hits 7-month low vs yen on risk aversion

The dollar hit a seven-month low against the yen on Thursday as deepening concerns about the global economy prompted Japanese institutional investors to dump risky overseas assets.

  • Agencies
  • Published: 08:10 October 23, 2008
  • Gulf News

Tokyo: The dollar hit a seven-month low against the yen on Thursday as deepening concerns about the global economy prompted Japanese institutional investors to dump risky overseas assets.

The euro was also hurt by Japanese investor risk aversion, striking a six-year trough.

The dollar slid as low as 96.89 yen its lowest since March this year, on trading platform EBS.

The euro fell to 123.46 yen its lowest since December 2002.

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