Yen hits record high against dollar

The Japanese yen hit a record postwar high against the US dollar this morning, reaching 79.32, although commentators expect the rally to be temporary.

Currency analysts suggest the Japanese authorities may intervene to weaken the yen if it continues to appreciate against the greenback. The Nikkei closed lower, down 1.4% to 8,963, while leading European markets opened higher today. The FTSE opened up 0.85% at 5,646, while the French Cac rose 0.71% to 3,723 and the German Dax up 0.87% to 6,570. Asia and the US posted losses overnight as concerns over Japan's nuclear crisis showed no signs of subsiding. The Dow Jones turned in its worst performance since August on the back of concerns over Japan, diving 2.04% to 11,613, while the...