TOKYO: The dollar rose above 100 yen in Asia on Friday for the first time in five months as investors welcomed a pledge by world leaders to step
up efforts to tackle the economic crisis.
Hopes of an economic recovery prompted speculators to take more risks and to sell the Japanese currency, which had soared in the last year with investors seeking shelter from the worst financial crisis since the Great Depression.
The dollar climbed to 100.19 yen in early Tokyo trade, the highest level since early November, up from 99.52 in New York late Thursday.
But the greenback struggled to hold above the key 100-yen level and by about noon it was back down at 99.67. The euro gained to 134.36 yen from 133.97.
