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Dollar hits a high against the yen

THE DOLLAR hit a 10-week high against the yen yesterday after the Japanese government changed course on exchange rate and interest rate policy.

Eisuke Sakakibara, a Ministry of Finance official known as Mr Yen because of his influence on the Japanese currency, said he welcomed the recent fall in the yen. His comments, echoed by the governor of the Bank of Japan, sent the dollar through the 118 yen barrier for the first time since December. Moves by Japanese authorities to curb the rise in long- term bond yields helped dollar sentiment. The government said it would increase bond purchases and stem issuances in an attempt to prop up the struggling bond market.