Dollar sinks to 2 1/2-year low vs yen on concerns about the US economy
The dollar sank to a 2 1/2- year low against the yen Wednesday in Asia as investors sold the greenback due to concerns over the U.S. economy and financial system.The dollar was trading at 105.98 yen at midafternoon Wednesday, down from 107.07 yen late Tuesday in New York and hitting the lowest levels since May 2005. The euro rose to US$1.4842 from US$1.4833.
Traders said the dollar could slip further due to persistent pessimism over earnings from U.S. financial institutions and U.S. economic data to be released later in the day. Read more from International Herald Tribune.