Dollar Approaches Postwar Low Versus Yen Before U.S. Budget Vote

The dollar dropped toward a postwar low against the yen and touched a record low against the Swiss franc as the U.S. House of Representatives prepared to vote on a debt-limit plan that faces opposition in the Senate.

Japan’s currency rose against all of its major counterparts on demand for a refuge after Economy Minister Kaoru Yosano indicated intervention to weaken the yen was unlikely before the outcome of the U.S. deficit debate. The euro declined versus the dollar as European economic confidence fell this month more than forecast and Standard & Poor’s cut Greece’s credit rating yesterday, saying the nation will partially default.