Dollar briefly slips to upper 113 yen level in N.Y. on subprime woes

The U.S dollar temporarily dropped to the upper 113 yen zone on Wednesday morning in New York, pulled down by renewed subprime woes.

At 11:10 a.m., the dollar was quoted at 113.95-114.05 yen, compared with its 5 p.m. quotes of 114.35-37 yen in Tokyo.

The euro traded at $1.4230-4240 and 162.20-30 yen against $1.4220-4222 and 162.61-65 yen in Tokyo.

News that Merrill Lynch & Co. moved into a net loss in the July-September quarter due largely to huge write-downs on collateralized debt obligations and subprime mortgage loans, boosted concerns about U.S. economic prospects, leading to dollar selling.

Lackluster sales of existing homes for September in the United States, combined with sliding U.S. stocks, also prompted investors to sell dollars, dealers said.