TOKYO, April 7 - Japan's top financial diplomat, Zembei Mizoguchi, said on Monday a reversal of the trend of an excessively weak dollar was continuing. "The dollar, not only against the yen but against other currencies, has been excessively weak due to concerns about geopolitical risks," he told reporters. "A reversal of that trend is continuing."
The dollar hit 10-day highs versus the euro and the yen on Monday as U.S. forces tightened their grip on most roads leading to Baghdad, raising expectations for a quick end to the Iraq war. The U.S. currency was last quoted at 120.32/37 yen after hitting its highest level in 10 days at 120.40/45 yen , up from 119.95 yen in late U.S. trade on Friday.//