12 Aug '11, 3am

Dollar steady as it nears record low against yen

Dollar steady as it nears record low against yen

TOKYO: The dollar steadied against the yen Friday after it had neared a post-war low against the Japanese currency, as market sentiment slightly improved on a global stocks rebound. The greenback traded at 76.89 yen in the morning in Tokyo against 76.88 yen in New York late Thursday. The yen, seen as a safe-haven unit amid market turmoil, had Thursday neared the post-World War II high of 76.25 dollar, which it hit in the volatile week after Japan's March 11 earthquake and tsunami. The euro, weighed down by European debt woes, on Friday inched down to $1.4187 from $1.4238, and to 109.10 yen from 109.24. Tokyo stocks were slightly higher after Wall Street made a dramatic comeback from huge losses Thursday. US and European markets had been hit by rumours about France's fiscal strength and potential debt defaults by Italy and Spain amid worries about the wider eurozone debt cr...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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