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Dollar up in lower end of 120 yen in early Tokyo trading.

TOKYO, April 28 Kyodo

The U.S. dollar traded in the lower half of the 120 yen level in early Tokyo trading Monday, up slightly from its late Friday levels in New York.

At 9 a.m., the dollar was quoted at 120.31-35 yen, compared with Friday's 5 p.m. quotes of 120.15-25 yen in New York and 120.54-57 yen in Tokyo.

The euro traded at $1.1034-1038 and 132.78-82 yen against $1.1030-1040 and 132.60-70 yen at 5 p.m. Friday in New York.

In New York on Friday, the dollar gained ground against the yen on buying prompted by news of North Korea's claim that it possesses nuclear weapons and also by jitters over the spread of severe acute respiratory syndrome (SARS) in Asia, dealers said.

The U.S. currency rose to 121.15 yen, hitting a one-month high against the yen, but failed to stay above 121 yen on mild selling in the afternoon caused by a tumble in U.S. share prices, dealers said.

The yen continued to take a beating against the euro, with Europe's common currency hitting a fresh four-year high of 132.93 yen.

''The yen may continue to face selling pressure,'' said a dealer at a Japanese bank in New York.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:May 6, 2003
Words:214
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