Yen firms in Asia as investors pare risk

TOKYO, Sept 9 (AFP) The yen rose against other major currencies in Asian trade today as investors shed risky bets on credit market concerns despite a US government bailout of two mortgage lenders, dealers said. brThe dollar slipped to 107.43 yen in Tokyo afternoon trade from 108.27 in New York late Monday. The euro slipped to 1.4084 dollars from 1.4129 and to 151.29 yen from 152.96 on persistent worries over the European economy. brThe Australian and New Zealand dollars fell against the yen as traders dumped so-called carry trades-risky deals in which players invest in the high-yielding currencies with funding from the low-costing yen. brEquity markets worldwide surged Monday after Washington's unprecedented takeover of mortgage finance giants Fannie Mae and Freddie Mac sparked hopes of an easing of the US housing crisis and resulting credit crunch. brBut by Tuesday markets had regained their cool, with Japanese equities and government bonds both under pressure. brForex market players were uncertain if the US plan would stave off further credit-related losses, Chuo Mitsui Trust Bank chief strategist Yosuke Hosokawa said. brThere are many areas in the government's plan that remain unclear, and fresh concerns have cropped up over the US economy including its finances, Hosokawa said. Markets are questioning is the US really alright brMarket participants were looking ahead to July home sales data in the US to be released later in the day. If the figures fall below market expectations, they could worsen the outlook for a recovery, dealers said. brUnder the bailout plan, Fannie Mae and Freddie Mac will get government-appointed chief executives and shed their mission of shareholder profit. The Treasury agreed to inject 100 billion dollars if needed into each.