Yen gains on financial sector jitters
Wednesday, 4 June 2008
TOKYO, June 3 (AFP): The yen rose further against other major currencies in Asian trade today as fresh worries about the health of the US financial sector made investors more risk averse, dealers said.
The dollar dropped to 104.14 yen in Tokyo afternoon trade from 104.52 in New York late Monday.
The euro edged up to 1.5553 dollars from 1.5540 but fell to 161.99 yen from 162.41.
The yen was propped up as investors tend to buy back the Japanese currency to unwind risky positions in times of uncertainty, dealers said.
"The dollar overall remains weak following losses on Wall Street and market players shunned risk as worries over the credit crisis resurfaced," said Kenichi Yumoto, vice president of forex trading at Societe Generale.
Traders were concerned about a report in the Wall Street Journal that the US investment bank Lehman Brothers will report its first quarterly loss in its 158-year history and is considering raising billions of dollars in new capital.
The dollar dropped to 104.14 yen in Tokyo afternoon trade from 104.52 in New York late Monday.
The euro edged up to 1.5553 dollars from 1.5540 but fell to 161.99 yen from 162.41.
The yen was propped up as investors tend to buy back the Japanese currency to unwind risky positions in times of uncertainty, dealers said.
"The dollar overall remains weak following losses on Wall Street and market players shunned risk as worries over the credit crisis resurfaced," said Kenichi Yumoto, vice president of forex trading at Societe Generale.
Traders were concerned about a report in the Wall Street Journal that the US investment bank Lehman Brothers will report its first quarterly loss in its 158-year history and is considering raising billions of dollars in new capital.