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Yen falls against dollar |
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TOKYO, The yen fell against the dollar and euro in Asia on Monday after a survey by the Bank of Japan showed weaker-than-expected business confidence among major manufacturers.
The dollar rose to 83.12 yen in Tokyo morning trade from 82.85 yen in New York late Friday. The euro bought 110.93 yen, up from 110.55 yen in New York, while fetching $1.3344 against $1.3336.
The BoJ's closely watched quarterly Tankan survey showed business confidence among major Japanese manufacturers remained unchanged at minus four in March, disappointing the market.
Economists had expected a reading of minus one following the yen's fall from levels close to historic highs after monetary easing in February.
The latest Tankan showed large manufacturers expected the yen would be even stronger against the dollar at an average of 78.14 yen in the new fiscal year to March 2013 against 78.93 yen in the previous year.
The Japanese currency was being sold following the release of the Tankan survey, said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo. |
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