Yen soars to 15-year high against dollar

dollaryentop.pngClick the chart to see how other currencies are faring. By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- The Japanese yen surged to a fresh 15-year high against the U.S. dollar Tuesday, after the Japanese government failed to say it would take steps to curb the currency's strength amid growing concerns about the pace of the recovery.

What prices are doing: The greenback fell more than 1% against the Japanese yen to ¥84.16 early Tuesday, before paring back some of those losses to trade around ¥84.30.

It was the dollar's lowest level against the yen since 1995. The euro, meanwhile, fell to its lowest level against the yen since 2001.

The dollar managed gains against other currencies, including the euro and the British pound.

What's moving the market: The yen gained against major currencies across the board, as jittery investors flocked to the Japanese currency, which is typically seen as a low-risk investment during times of economic uncertainty.

Japanese finance minister Yoshihiko Noda failed to signal whether authorities would intervene to limit the yen's rise.

Noda told reporters at a press conference in Tokyo that "disorderly" moves in the yen could harm economic stability.

A stronger yen can hurt profits at Japan's export businesses, sending the Nikkei stock index down 1.3%.

What analysts are saying: "Gloom and doom have taken hold of the markets, so the usual suspects are benefiting," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman, referring to the safe-haven yen and dollar. "While economic prospects in the major countries appear to be on the slide, the yen continues to benefit."

Chandler said that the Japanese authorities' lack of indications that they will intervene in the currency markets is also boosting the yen.

"More official jawboning was heard today by Japan officials, but given the boilerplate nature of those comments, they did little to dissuade markets from taking the yen higher," he said.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.20%4.27%
15 yr fixed3.27%3.21%
5/1 ARM3.53%3.38%
30 yr refi4.18%4.24%
15 yr refi3.26%3.20%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,131.97 100.83 0.59%
Nasdaq 4,552.76 33.86 0.75%
S&P 500 1,998.98 14.85 0.75%
Treasuries 2.59 -0.00 -0.08%
Data as of 6:12am ET
Company Price Change % Change
Apple Inc 100.86 -0.77 -0.76%
Bank of America Corp... 16.71 -0.03 -0.18%
Yahoo! Inc 42.71 0.16 0.38%
Alcoa Inc 16.16 -0.23 -1.40%
Facebook Inc 76.08 1.50 2.01%
Data as of Sep 16

Sections

Scotland's independence vote is too close to call but those who want to keep Britain united won this year's campaign funding race by some distance. More

Things aren't looking good for Sony -- the Japanese company expects to lose billions of dollars this year, as the global smartphone race heats up. More

Y Combinator president Sam Altman is teaching a startup class at Stanford with Silicon Valley heavy hitters as guest lecturers. Bonus: All the videos will be available for free online. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.