In a blog post of yesterday, I mentioned that the U.S. dollar was closing in on 120 yen. Well, it has happened!
For the first time in seven years, the U.S. dollar crossed the 120 yen threshold in New York.
According to the Mainichi Shimbun:
NEW YORK (Kyodo) -- The U.S. dollar topped the 120 yen line for the first time since July 2007 in New York on Thursday, supported by a positive outlook for the world's largest economy in contrast to flagging Japan and Europe.And that's not all. The dollar has reached the 120 yen threshold in Tokyo on Friday.
The dollar surpassed the psychologically important line Thursday morning in New York, up from 119.88-90 yen in Tokyo at 5 p.m.
At this writing, the dollar was at 120.15-120.16 in Tokyo at 5:00 PM. (Source: Kyodo News.)
This would be an excellent time for Americans to travel to Japan.