Yen sinks against dollar<\/p>\n
LONDON (AFP): The yen hit a five-year low against the dollar
\nin trading on European markets early yesterday after new slides
\nin Asian currencies and a report highlighting a drop in Japanese
\nbusiness confidence.<\/p>\n
In early trades here, the dollar rose to 131.33 yen in London
\n(130.43 yen) but slightly down from the closing rate of 131.35 in
\nTokyo.<\/p>\n
The German mark rose to 74.04 yen from 73.56 at the end of
\ntrading last week.<\/p>\n
"Asia continues to collapse ... reaching new lows, which had
\nweighed down the yen," Union Bank of Switzerland analyst Peter
\nvon Maydell said.<\/p>\n
The Indonesian rupee fell through the 5,500 barrier against
\nthe dollar on Monday, while the Thai baht sank to a historic low
\nof 46 to the dollar.<\/p>\n
Analysts said that the Bank of Japan's quarterly "Tankan"
\nreport had highlighted the nation's troubled economy, its
\nfinancial market worries and the turmoil in southeast Asia,
\nputting more pressure on the government to act to avert a further
\nslump.<\/p>\n
Business confidence dropped in December with the diffusion
\nindex for large manufacturers falling from plus three to minus
\n11, the Bank of Japan said in a quarterly report on Monday.<\/p>\n
Meanwhile, sterling slightly lost ground against most
\ncurrencies except the yen.<\/p>\n
The dollar showed little change against the mark, with the
\nmarket expecting the US Federal Reserve to maintain interest
\nrates at current levels when it meets on Tuesday.<\/p>\n
The Spanish peseta showed no reaction to a cut in the Bank of
\nSpain's base interest rate from 5 percent to 4.75 percent.<\/p>\n
The mark made progress against the French franc.<\/p>\n
The dollar was being traded at 1.7742 marks from 1.7732 late
\non Friday, 131.33 yen (130.43), 1.4355 Swiss francs (1.4333) and
\n5.9440 French francs (5. 9394).<\/p>\n
The mark traded at 3.3502 French francs (3.3489), 980 Italian
\nlira (unchanged), 84.57 pesetas (84.54), 0.8090 Swiss francs
\n(0.8083), 74.04 yen (73.56).<\/p>\n
The pound was being traded at 1.6417 dollars from 1.6503,
\n2.9141 marks (2. 9285), 215.84 yen (215.26), 2.3581 Swiss francs
\n(2.3671), and 9.7648 French francs (9.8021).<\/p>\n
Gold began the week quietly yesterday, firming on its Friday
\nclose amid mixed pictures for the rest of the precious metals
\ncomplex.<\/p>\n
Gold fixed at $283.20 an ounce in the morning, up a little on
\nFriday afternoon's $283.00, the low since August 6, 1979.<\/p>\n
Platinum weakened slightly on Monday, last quoted at
\n$356.50\/$358.50 an ounce, down $4.50 on its London close.<\/p>",
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