NEW YORK ? The dollar is at a three-month high against the Japanese yen after the Bank of Japan said it would increase its economic stimulus program. Traders also bought the dollar after euro zone finance ministers canceled a meeting to discuss giving Greece a second bailout.
The Bank of Japan said it would buy more government bonds while keeping short-term interest rates close to zero to boost the country's economy.
The dollar rose to 78.47 yen in late trading Tuesday from 77.61 yen late Monday. It rose as high as 78.51 yen, its highest point since Nov. 1.
Greece faced another setback Tuesday to securing a second bailout. A meeting of euro zone finance chiefs to discuss the $171 billion bailout planned for Wednesday was called off after Athens failed to deliver on several demands made by its partners in the currency union.
Without the cash, Greece could default on its debt next month. A default could cause losses for European banks, hurt other countries that use the euro and disrupt global markets.
The euro fell to $1.3095 from $1.3202 late Monday.
In other trading, the British pound fell to $1.5664 from $1.5774. The dollar rose to 0.9216 Swiss franc from 0.9157 Swiss franc and to $1.0014 Canadian dollar from 99.88 Canadian cents.
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