Yen surges against dollar, other rivals as Japan stimulus plan falls short

The yen strengthened against its rival currencies during Asian trade on Tuesday, hitting its highest level against the dollar since mid-July, as expectations receded for policy steps Tokyo will likely put together.

The greenback USDJPY, -1.51%  gained downside momentum during Asian, hitting ¥104.32. The level is much lower than ¥105.81 late Monday in New York.

The euro EURJPY, -1.44%  dropped to ¥114.78 from ¥116.50, while the pound EURJPY, -1.44%  tumbled to ¥136.87 from ¥139.03. The Australian dollar and the New Zealand dollar were also higher against the Japanese currency.

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