Dollar Climbs Above ¥105.30

The exchange rate between the U.S. dollar and Japanese yen ended the trading year on a high note (pun intended).

The Japan Times reported:

The dollar climbed well above ¥105 in Tokyo trading Monday, the final market day of 2013, aided by Tokyo stock gains and speculation of wider interest rate differentials between Japan and the United States. 

At 5 p.m., the dollar stood at ¥105.36-40, up from ¥104.68-70 at the same time Friday.

The exchange rate makes Japanese goods cheaper for Americans, but the downside is that it makes American goods more expensive to Japanese importers. The upside is that American travelers to Japan are able to obtain more yen per dollar exchanged, making a vacation to Japan more affordable.

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