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Dollar falls below 117 yen to hit 3-month low in early Tokyo.

TOKYO, Aug. 28 Kyodo

The U.S. dollar fell below 117 yen to hit a nearly three-month low against the yen in early Tokyo trading Monday following Friday's entry into the 116 yen level in New York.

At 9 a.m., the dollar was quoted at 116.57-61 yen, down from Friday's 5 p.m. quotes of 116.85-95 yen in New York and 117.11-14 yen in Tokyo.

It is the fist time since late May that the dollar has fallen below 117 yen in Tokyo.

The euro was quoted at $1.0991-0995 and 128.15-19 yen at 9 a.m. against $1.0975-0985 and 128.35-45 yen at 5 p.m. Friday in New York.

In New York on Friday, the dollar fell to 116.15 yen, the lowest level since mid-May, due partly to the Japanese Finance Ministry's announcement that the Bank of Japan had not intervened in the currency market from July 30 to Aug. 27, dealers said.

Bullishness on the yen was also fueled by speculation that U.S. Treasury Secretary John Snow will likely warn Japanese monetary authorities against engineering a weaker yen with market interventions during his stay in Tokyo on Monday and Tuesday.

Snow is flying to Tokyo on Monday en route to Beijing.

''The market may try to drive down the dollar to the mid-115 yen as a next guidepost,'' a dealer at a Japanese bank said. ''Traders are monitoring Japanese share prices and economic indicators.''
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Publication:Japan Weekly Monitor
Date:Sep 2, 2003
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