Dollar Hits 2-Month Lows below 147.50 Yen

Tokyo, Nov. 21 (Jiji Press)--The dollar temporarily plunged to two-month lows below 147.5 yen in Tokyo trading Tuesday, while the benchmark 10-year Japanese government bond yield fell below 0.7 pct for the first time since mid-September.

Amid expectations that the U.S. Federal Reserve will stop raising interest rates, investors stepped up buying of the yen against the dollar in anticipation of a narrowing gap between Japanese and U.S. interest rates.

At 5 p.m., the dollar stood at 147.51-52 yen, down from 148.90-91 yen at the same time Monday. The U.S. currency has weakened by more than 4 yen since topping 151.90 yen at one point in overseas trading on Nov. 13.

In the bond market, the key 10-year yield dropped as low as 0.690 pct, down from 0.740 pct late Monday.

On Nov. 1, the 10-year yield, considered Japan's key long-term interest rate, rose as high as 0.970 pct, following a policy tweak by the Bank of Japan.

[Copyright The Jiji Press, Ltd.]