Traders drove the dollar to a two-year high against the yen Monday on expectations that Japanese investors would send more money abroad on the first day of the Japanese fiscal new year.
The beginning of the financial year typically prompts exporters to reinvest their yen. But traders this year expect the weakening economy and two bank failures since Friday to prompt more money to be sent out of the country.
The dollar also rose against the German mark.
Exchange Currency in Dollars Dollar in foreign currency Canada .7386 1.3540 France .1978 5.0545 Germany .6741 1.4835 Great Britain 1.5243 .6560 Italy .000638 1568.00 Japan .009297 107.56 Mexico .133378 7.4975