Dollar climbs to 4 1/2 yr high of 102 yen after G7, further gains eyed
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The yen fell below the 102 level to the dollar on Monday after Tokyo escaped direct criticism of its aggressive monetary easing programme at the Group of Seven meeting over the weekend, putting the Japanese currency on track for further declines in the short run.
The dollar rose 0.2 percent to 101.87 yen after breaking through reported resistance at 102 yen to jump as high as 102.15 in early Asian trade, its highest level since October 2008.
"There was a feeling of 'at last!' when it passed 100 among investors who have been selling yen for the last month," said Bart Wakabayashi, head of forex at State Street.
"Some people see 95 as the base of this trading range but it is possible 100 could become the bottom from here."
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