Tokyo: The Japanese currency rose to an 18-month high against the US dollar on Tuesday in overseas markets.
The dollar fell below 106 yen on the foreign exchange in Singapore on Tuesday, for the first time since October in 2014. The Tokyo market was closed for a national holiday, according to Japan's (NHK WORLD) radio.
Investors were selling the dollar for the yen, reflecting their growing uncertainties over US economic prospects.
Investors were also buying back the yen after the Bank of Japan's announcement last Thursday that it will keep its monetary easing measures unchanged.
Market sources said worse-than-expected US economic data encouraged the selling of the dollar. They said the BOJ's decision last week has also led to speculation that there will be no more monetary easing in Japan for the time being.
QNA
