Dollar Flies High Vs. Yen

The dollar hit a 29-month high against the yen Friday as weak Japanese economic data dashed hopes of an interest rate hike, but profit taking kept the greenback from surpassing the 110 yen barrier.

The dollar’s move against the yen also helped it rise against the German mark and most other major currencies.

During a busy U.S. trading morning, the dollar hit 109.98 yen just before 10 o’clock. Investors fought off the climb and the profit takers stepped in.

Advances by the U.S. Treasury bond market also helped the dollar, while analysts said statements on exchange rates from the Group of Seven major industrial nations had little impact.