Yen drops to four-year low against dollar

<p>The yen is now down to a four-year low against the dollar.</p>

The value of the yen against the dollar has continued to fall today (May 10th) after breaking through the landmark 100 mark earlier.

It has now dipped to a four-and-a-half year low against the dollar and some analysts are speculating this drop is going to continue in the coming weeks.

According to a report by Reuters, the yen slid to its lowest against the dollar since October 2008. Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, told the news provider that breaking the psychological 100 barrier has "released the animal spirits".

Some analysts have now stated that they see the dollar rising to 105 yen this summer and perhaps even as high as 110 by the end of the year.

Joe Manimbo, senior market analyst at Western Union Business Solutions, told BBC News that breaking through the 100 mark came after brightening US job prospects boosted the dollar.

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