Dollar touches 11-month high against yen

TOKYO: The dollar soared to its highest level in 11 months against the yen in Asia on Wednesday after the US Federal Reserve dashed speculation of further credit easing.

The dollar briefly rose to 83.21 yen in Tokyo morning trade, hitting the highest level since April last year, before settling back to 83.12 yen. The greenback was trading at 82.90 yen in New York late Tuesday.

The yen fell against the euro, with the common European currency buying 108.63 yen against 108.38 yen in New York.

The euro fetched $1.3068 compared with $1.3075 in New York.

The sell-off in the safe-haven yen suggested increasing optimism about the global economy, said Jonathan Lewis, chief investment officer at Samson Capital Advisors in New York. (AFP)