Dollar falls to 13-year low against yen

[December 12, 2008]  TOKYO (AP) -- The dollar has fallen to a 13-year-low against the yen after a proposed bailout of U.S. automakers collapsed in the Senate.

In Tokyo currency trading Friday, the dollar sank as low as 88.16 yen, a level not seen since Aug. 2, 1995, when the U.S. currency traded at 88.02 yen.

In later trading, the dollar recovered to 89.72 yen.

Selling on the Tokyo Stock Exchange accelerated as the yen surged. The benchmark Nikkei 225 stock average shed more than 5 percent.

[Associated Press]

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