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Dollar Extends Gains Against the Yen
The US dollar had been in a broad trading range against the yen since last December. The marginal new high seen in March to about JPY122 proved to be a false break, and the dollar returned to its well worn ranges. After testing the lower end of an even narrower range around near JPY119 on May 14, the greenback has rallied about 4% to approach JPY123.80 earlier today. This is the highest level the dollar has reached against the yen since June 2007 (~JPY124.15), which itself was the highest since the end of 2002 (JPY125.70). To the extent that the yen's decline stands out, it is not due to the magnitude of the move. ... (full story)