Updated 24 May, 2013, 6:12 pm IST
Saturday November 28 10:30 pm
Market Report -Dubai Debt Concerns
The yen hit a new 14-year peak against the dollar Friday due to concerns about Dubai's debt problems. Honda Motor and other Japanese exporters skidded on the yen's jump—while banking and construction shares fell on worries about exposure to Dubais world debt. Dubai said Thursday it wanted creditors to agree to a debt standstill as it restructures. Shares around Asia tumbled on the news, with the Nikkei at a 4-month low. Panasonic, the world's No.4 flat screen TV maker, expects the surging yen to take a bite out of profits. Japanese officials blamed the share market slide on the yen's rapid rise, adding they were monitoring the currency market.