Vol. 5 Num 1022 Tue. April 17, 2007  

Euro hits all time high against yen

The euro jumped to a fresh all-time high against the yen in Asian trade on Monday after Group of Seven finance chiefs avoided specific mention of the sliding Japanese currency, dealers said.

They said the European single currency also hit fresh two-year highs against the dollar amid concerns about slowing US economic growth as well as the prospects for another interest rate rise in the eurozone.

The euro rose to as high as 162.43 yen in early Tokyo trade before falling back to 161.68 by afternoon, still well up from 161.32 late Friday in New York.

The euro was at 1.3549 dollars after 1.3532, off an earlier two-year high of 1.3576. The dollar rose to 119.34 yen from 119.22 yen.

Finance ministers and central bank governors from the seven top industrialised nations warned at their weekend meeting in Washington that excessive volatility on foreign exchange markets was "undesirable."