Dollar hits 3-month high

The dollar rose to a more than three-month high against the yen in Asian trade Thursday on renewed hopes of action by Washington to help banks hammered by the credit crunch.

Investors were also selling the yen because of deepening fears about the health of the Japanese economy, dealers said.

The dollar touched 97.98 yen at one point, a level last seen on November 14. In late Tokyo trade it was at 97.77, up from 97.37 in New York Wednesday.

The euro slipped to 1.2717 dollars from 1.2721 but gained to 124.31 yen from 123.89.

The greenback rose against the yen after the US authorities unveiled so-called stress tests on the health of troubled banks.

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Source: AFP,Tokyo