Early trade in New York: Yen hits seven-month low

The yen tumbled to its lowest level against the dollar in over seven months on Wednesday, weighed by recent monetary easing in Japan, a rise in oil prices and interest rate differentials. The euro was little changed against the greenback as market participants weighed the implications of Greece's bailout deal and the ramifications of a euro zone economy that is teetering on the brink of a recession.
The dollar hit a peak of 80.39 yen, according to Reuters data, its highest since mid-July, with traders citing buying by Japanese importers and offshore players. This took it beyond highs hit in October and August after Japanese authorities acted to curb yen gains. The dollar last traded at 80.28 yen, up 0.7 percent on the day. The euro also gained against the yen and was last up 0.8 percent at 106.32 yen.