Dollar surges past fresh 34-year high of 160 yen in morning trade

The Japanese currency has further weakened against the dollar on foreign exchange markets on Monday, dropping to the 160-yen range at one point. It is the first time in 34 years for the currency to trade at the 160-yen level. The dollar bought 160.17 yen in morning trade, fanning speculation that Japanese authorities would step in to support their currency.