Yen briefly drops to 137, new 24-year low against dollar

The yen briefly fell to the 137 line against the U.S. dollar on Wednesday in New York, hitting a new 24-year low amid persistent market expectations for a divergence between Japanese and U.S. monetary policies.The Japanese currency dropped to 137.00 against the dollar in morning trading, a level not seen since September 1998. The Bank of Japan left its ultraeasy monetary policy unchanged earlier in the month, in stark contrast with the Federal Reserve's continued credit-tightening stance to curb soaring inflation.The ongoing expectation of widening interest rate gaps between the two economi…READ FULL ARTICLE