NEW YORK (AP) — The dollar hit a two-year high against the yen as a new government prepares to assume leadership in Japan.
Incoming Prime Minister Shinzo Abe has pushed the Bank of Japan to lower interest rates further to help the economy. That can weaken the yen.
The dollar rose as high as 85.72 Japanese yen, its highest point against the yen since Sept. 21, 2010. The dollar was worth 84.78 yen late Tuesday.
The dollar was mixed against most other major currencies in light holiday trading. U.S. stock markets reopened Wednesday after being closed Tuesday for Christmas. European markets were closed Wednesday.
The euro rose to $1.3222 in afternoon trading from $1.3190 late Tuesday.
The British pound fell to $1.6119 from $1.6133.