Yen hits fresh 15-year high against dollar after Japan prime minister survives leadership vote

Yen hits fresh 15-year high against dollar

TOKYO — The Japanese yen hit a fresh 15-year high against the dollar Wednesday on receding expectations of market intervention following Prime Minister Naoto Kan’s leadership victory.

The yen briefly hit 82.87 to the dollar in Tokyo on Wednesday. The yen climbed rapidly following Kan’s victory in the leadership election of his ruling party Tuesday. The yen currently stood at 83.60 to the greenback.

Investors saw Kan as taking a less aggressive stance on market intervention to boost the dollar than his challenger, veteran politician Ichiro Ozawa.

“Kan has not taken firm action to stem the yen’s rise. His victory yesterday means that Japanese monetary authorities are not likely to intervene” to support the dollar, Mizuho Bank Ltd. dealer Yu Yokoi said.