Yen sees gains

Navigate News

Latest News

Tuesday, 4th March 2008
In Business In Japan,

The yen continues to strengthen against the dollar amid continued concern over the health of the US economy.

The Japanese currency was trading at ¥103 early Tuesday having made gains against the greenback for a sixth day, according to Bloomberg.

Tomoko Fujii, senior currency strategist at Bank of America in Tokyo, predicts the dollar may drop below ¥100 within several months, it reports.

Meanwhile, the strengthening yen is causing concern for Japanese carmaker Toyota.

Speaking from the Geneva auto show, company president Katsuaki Watanabe says Toyota will take the necessary measures to lessen the negative impact of the tougher currency conditions.

"Sharp and sudden foreign exchange movements need to be avoided," Watanabe told a press conference as reported by Reuters.

"The appreciation of the yen makes it tougher to make a profit and Toyota will take various measures to address that situation."

The yen also strengthened against the euro in yesterday's trading.