TOKYO, July 22 (Xinhua) -- The Japanese yen traded in the lower 163 range against the U.S. dollar in Tokyo early Wednesday, a level unseen since December 1986.
At 9 a.m. local time, the U.S. dollar fetched 163.18-20 yen compared with 163.13-23 yen in New York.
Dollar-buying came as investors sought the U.S. unit as a safe asset amid escalating tensions in the Middle East.
A weaker yen inflates the value of imported materials from energy to food, dealing a blow to the resource-poor country and Japanese households. Enditem
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