Japanese yen falls to 24-year-low in New York

The Japanese yen has shed more of its value, hitting a new 24-year low against the dollar.

The yen briefly fell to the 143 level to the greenback in New York on Tuesday. That is the weakest since 1998.

The drop came after a US non-manufacturing business activity index released on Tuesday showed better than expected figures. Speculation spread that the US Federal Reserve might continue raising interest rates.

The widening interest-rate gap between Japan and the United States motivated investors to sell the yen and buy dollars to lock in higher yields.