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Yen strong against dollar and euro, no plans from Tokyo to ease currency

Reuters

The dollar dropped to a 15-year low against the yen Tuesday, after the euro hit its lowest level since November 2001. Markets are being drawn to the yen amidst concerns of a slowdown in the US and weakness in the European economies.

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The dollar fell to a 15-year low against the yen on Tuesday, to 84.60. The euro briefly hit 107.21 before recovering to 107.29 in the early afternoon.

The strength of the Japanese currency hit domestic shares, with the Nikkei index dropping below the 9,000 points for the first time since May 2009, before recovering.

Markets leaned towards the safe-haven yen as there are growing concerns about a slowdown of the US economy and weak European growth.

Japanese finance minister Yoshihiko Noda is expected to speak at a press conference later Tuesday.

On Monday, Prime Minister Naoto Kan spoke with Bank of Japan governor Masaaki Shirakawa to discuss the economic impact of the strong yen, which affects Japanese exports.

They did not announce any proposals, indicating that Japan will not take any immediate action on easing the strength of the currency.

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