Dollar Sinks Below 100 Yen

The dollar's decline continued today, dropping below the symbolically dramatic threshhold of 100 yen for the first time in 12 years. The greenback held on just above ¥100 during the trading day in Tokyo before slumping to ¥99.80 in Europe this morning. The dollar took a pummeling across the board, trading at record lows against not only the yen but also the euro and the Swiss franc.

The strong yen is causing no rejoicing in Tokyo; its potential drag on exports drove down the Nikkei by 3.3%, hitting its lowest point this year, reports the Financial Times. One Japanese economist estimated that a hundred-yen dollar could shave off half a percent from the country's GDP over six months. The dollar last broke the psychological barrier of ¥100 in September 1995. (More Japan stories.)