US dollar hits more than two-year high vs yen

NEW YORK: The dollar surged to a more than two-year high against the yen on Wednesday after Japanese Finance Minister Taro Aso said the country's new prime minister has instructed him to undertake a stimulus plan without necessarily keeping previously agreed limits on new bond issuance.

Japan's debt issuance cap has been set at 44 trillion yen.

Analysts said Aso's comments were a green light to sell the yen further.

The dollar hit a high of 85.70 yen, its strongest level since mid-September 2010. It last stood at 85.64 yen, up more than 1 percent on the day.

Center>Copyright Reuters, 2012