Published: Friday November 27, 2009 MYT 11:40:00 AM
Updated: Friday November 27, 2009 MYT 11:44:03 AM

US$ sinks to fresh 14-year low vs yen in early trade Fri

TOKYO: The dollar has sunk to a fresh 14-year low against the yen in early Asian trading Friday - touching 84.41 yen - before recovering to near the 86 yen level.

Japanese Finance Minister Hirohisa Fujii said the yen's sharp rise against the dollar is "one-sided" and voiced concern that it would hurt the nation's export-dependent economy, Kyodo News agency said.

Concerns about debt problems afflicting Dubai have driven investors to the yen as a safe haven.

Dubai World, a government investment fund with debts totaling around $60 billion, has asked creditors if it can postpone payments until May.

Expectations that U.S. interest rates will remain extremely low for the foreseeable future are also weighing on the dollar. Japan hasn't intervened in the currency market since March 2004. - AP

For more on deflation from The Daily Yomiuri, a partner with The Star in the Asia News Network, click here

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