US dollar falls to 95.32 yen, lowest in 13 years

[October 24, 2008]  TOKYO (AP) -- The U.S. dollar has fallen to its lowest level against the Japanese yen in 13 years.

In afternoon trading in Tokyo Friday, the dollar sank as low as 95.32 yen, the lowest since August 1995.

Traders said the dollar is being pressured on worries about a recession in the U.S. economy amid the unfolding financial crisis.

Dollar-selling also intensified amid speculation that the Federal Reserve would cut interest rates again to shore up the sagging U.S. economy.

A strong yen hurts Japanese exporters by eroding their overseas earnings when converted back to yen.

[Associated Press]

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