Dollar drops to fresh 17-month low against the yen

The yen touched a new 17-month high against the U.S. dollar during Asian trade on Monday, as another round of speculative yen buying by non-Japanese, short-term players appeared to push up the Japanese currency.

The dollar USDJPY, -0.18%  fell to ¥107.63 yen earlier in Asia, its lowest level since Oct. 27 2014, before regaining to ¥107.82. That compares with ¥108.08 late Friday in New York.

The U.S. currency bounced back on short covering followed by dollar buying shortly after comments by a Japanese government spokesman.

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