Yen Weakens Past 125 Per Dollar for First Time Since 2002
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Australia’s dollar rebounded from near its lowest level in seven weeks after the nation’s central bank left interest rates unchanged and provided little guidance on whether it would lower them in the future.
The yen weakened beyond 125 per dollar for the first time since 2002 as prospects for higher U.S. interest rates this year spurred demand for the greenback. The U.S. currency has strengthened against 13 of 16 major peers over the past week after Federal Reserve Chair Janet Yellen said in May she expects to raise borrowing costs in 2015. The Reserve Bank of Australia cuts its benchmark last month to a record 2 percent.