Depressing because I am losing money in the U.S., but glad I'm making yen in the short term, I suppose. Weird being over on this side of things..."U.S. currency drops 4% against Japanese currency, but rises to 14-month high against the euro as bailouts continue in Euro.
NEW YORK (CNNMoney.com) -- The dollar continued to rally against European currencies Monday but plummeted more than 4% to hit a 6-month low against the Japanese yen, as the credit crisis spreads around the globe.
The dollar fell as low as 4.8%, or ¥100.23 during Monday trading from ¥105.32 Friday. It was the first time the greenback traded that low since Mar. 31.
By 6:13 p.m. ET, the dollar had recovered slightly, but was still trading down 3.7% against the Japanese currency to ¥101.45.
"The yen typically outperforms other currencies during periods of extreme risk aversion," said Dustin Reid, ABN AMRO senior currency strategist."
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