NEW YORK (AP) — The dollar hit a 20-month high against the yen after Japan elected a new prime minister over the weekend.
Shinzo Abe, Japan's seventh prime minister in just over six years, has said he wants the country's central bank to cut interest rates to zero or below to boost Japan's economy. That move could weaken the yen.
The dollar rose as high as 84.207 Japanese yen, its highest point against the yen since April 13, 2011. The dollar was worth 83.46 late Friday.
The dollar was falling against other currencies as traders awaited developments from budget talks in Washington.
The euro rose to $1.3164 in afternoon trading from $1.3159. The British pound rose to $1.6201 from $1.6167.
The dollar slipped to 0.9174 Swiss franc from 0.9179 Swiss franc.