The dollar climbed to its highest level against the yen in more than 16 months in early Asian trading Monday, as lackluster results from a quarterly corporate sentiment suggested Japan's economy was not as strong as market participants had thought.
At 10 a.m. (GMT 0100) Monday the dollar bought 113.96 yen on the Tokyo foreign exchange, up 0.68 yen from late Friday and above the 113.60 it bought later that day in New York.
The dollar's hike to its highest level since May 20, 2004, came as results from a quarterly survey on corporate sentiment, released by the Bank of Japan, fell shy of expectations.
While the tankan survey rose for the second-straight quarter, it increased less than expected and showed that planned business investment was slightly lower than economists had forecast, informs the AP. I.L.