Jan. 8, 2010, 12:53 a.m. EST · Recommend · Post:
WORLD FOREX:Dollar Down Vs Yen As Japan Weakens Forex Rhetoric
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AlertEmailPrintShare By Takashi Nakamichi
TOKYO (MarketWatch) -- The dollar fell from a four-month high against the yen in Asia on Friday as Japan's new finance minister toned down his rhetoric about a weaker domestic currency, cooling speculation that Tokyo might act to push its currency higher if deemed necessary.
Traders said the greenback could decline further if U.S. December jobs data due later in the global day come in weaker than expected.
After briefly hitting Y93.78 on EBS--the highest since Y94.08 on Aug. 28-- the dollar began falling on fresh Japanese government comments that raised doubts over the nation's commitment to stemming potential yen rises. The greenback fell to as low as Y93.11, below Y93.28 in New York late Thursday, before recovering slightly.
On Friday, Prime Minister Yukio Hatoyama criticized Finance Minister Naoto Kan's explicit call the day before for a lower yen.
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