US dollar surges to 7-year high against yen

London

THE dollar powered to a seven-year peak against the yen and a two-year high against the euro on Monday, extending gains on the Bank of Japan's latest stimulus action and punishing oil and gold priced in the US currency.

The BOJ's moves to lift growth and inflation bolstered expectations that the European Central Bank, which meets on Thursday, would eventually resort to large-scale purchases of government bond, driving benchmark eurozone yields lower.