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Wednesday, Dec 26, 2012 9:45 PM UTC

Dollar jumps to 2-year high vs yen

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Topics: From the Wires,

NEW YORK (AP) — The dollar jumped to a two-year high against the yen Wednesday as a new government prepares to assume leadership in Japan.

Incoming Prime Minister Shinzo Abe has pushed the Bank of Japan to lower interest rates further to help the economy. That could weaken the yen.

The dollar rose to 85.63 Japanese yen in late trading Wednesday from 84.78 Japanese yen late Tuesday. The dollar rose as high as 85.72 Japanese yen earlier, its highest point against the yen since Sept. 21, 2010.

The dollar was mixed against most other major currencies in light holiday trading. U.S. stock markets reopened Wednesday after being closed Tuesday for Christmas. European markets remained closed Wednesday. Many currency traders take the week between Christmas and New Year’s Day off.

The euro rose to $1.3220 late Wednesday from $1.3190 late Tuesday.

The British pound slipped to $1.6130 from $1.6133.

The dollar fell to 0.9135 Swiss franc from 0.9157 Swiss franc.

The dollar rose to 99.44 Canadian cents from 99.23 Canadian cents.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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