Dollar Falls to 15-Year Low Against Yen

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The dollar fell to a 15-year low against the yen and the weakest since January against the euro on speculation that the Federal Reserve will ease monetary policy.

The dollar slipped 0.8% to 81.13 yen at 6:37am in New York, from 81.81 yen on Wednesday. Earlier, it fell to 80.89 yen, the weakest since 1995. The dollar fell to as low as $1.4122 against the euro, the weakest since Jan. 26.

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"The market is in a state of anxiety over what's likely to come from the Fed," Lee Hardman, a foreign-exchange strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London, told Bloomberg News. "Dollar holders are very nervous based on the Fed minutes, which suggest more unconventional policy measures."

Federal Reserve Chairman Ben Bernanke will speak on monetary policy tomorrow. On Oct.4, he said that the central bank's large-scale asset purchases boosted the economy, and that more quantitative easing would likely do so as well.



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