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May 24, 2017

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Euro tops 100 yen in Asia while gaining on dollar in New York

TOKYO--The euro jumped above 100 yen for the first time in two months on Friday in Tokyo, after the European Central Bank unveiled a plan to buy bonds from troubled eurozone nations.

The unit rose to 100.14 yen in late afternoon trade, the first time it has breached the psychologically important barrier since July 5, after ECB head Mario Draghi said Thursday the bank would buy unlimited amounts of debt from troubled nations such as Spain and Italy.

The common currency was also stronger against the dollar, at US$1.2677 from US$1.2629 late Thursday in New York.

Before the announcement, the euro was trading around US$1.2602 and 98.85 yen.

It "will enable us to address severe distortions in government bond markets which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro," Draghi said.

"We will do whatever it takes" to keep the eurozone together, he added.

The dollar was at 78.92 yen from 78.85 yen late Thursday.

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