Yen slips to new 20-yr low against dollar on rate difference

© Kyodo News

The Japanese yen tumbled to a fresh 20-year low, around the upper-127 level, against the U.S. dollar on Tuesday morning amid prospects of a widening interest rate difference between the United States and Japan following an overnight rise in U.S. Treasury yields.

At 11:30 a.m., the dollar fetched 127.67-70 yen compared with 126.93-127.03 yen in New York and 126.63-65 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $1.0765-0766 and 137.42-51 yen against $1.0776-0786 and 136.87-97 yen in New York and $1.0790-0792 and 136.64-68 yen in Tokyo late Monday afternoon.

The 225-issue Nikkei Stock Average rose 31.11 points, or 0.12 percent, from Monday to 26,830.82. The broader Topix index was up 6.99 points, or 0.37 percent, at 1,887.07.

On the top-tier Prime Market, gainers were led by marine transportation, nonferrous metal and transportation equipment issues.