AKIPRESS.COM - The dollar swung wildly against the yen on Monday, initially spiking to a seven-year high after data showed Japan's economy unexpectedly slipped into recession before pulling down as the grim economic news sent Tokyo stocks tumbling, reports Reuters.

Data on Monday showed Japan's economy shrank an annualized 1.6 percent in July-September, confounding expectations for a modest rebound and solidifying the view premier Shinzo Abe will call a snap election and delay a second sales tax hike next year.

The dollar jumped to a new seven-year high of 117.06 yen JPY= in a knee-jerk reaction to the GDP numbers but pulled back to 115.50 yen JPY=, down 0.7 percent on the day, as Tokyo's Nikkei .N225 slid 2.6 percent.

"Dollar/yen has been moving recently in close relationship with (Japanese) equities so the Nikkei's fall knocked the pair from its highs," said Masafumi Yamamoto, a market strategist at Praevidential Strategy in Tokyo.