MW: Dollar spikes vs. yen after S&P cuts Japan outlook
By Lisa Twaronite
TOKYO (MarketWatch) -- The dollar spiked against its Japanese counterpart Tuesday after Standard & Poor's had cut its outlook on Japan's AA long-term sovereign debt rating to negative from stable, citing the country's diminished fiscal flexibility. "The yen went on a rollercoaster ride during the Asian session trade today with USD/JPY first dropping to a low of 89.55 only to skyrocket back to 90.30 in matter of seconds as news of S&P downgrade of Japan swept the market," said Boris Schlossberg, director of currency research at GFT. The dollar last bought 90.13 yen.
