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Tokyo - The yen was under pressure in Asian trade on Monday as news of a record current account deficit added to fears about the Japanese economy.
The dollar rose to as high as ¥98.53, up from ¥98.26 in New York on Friday. In late Tokyo trade the dollar was at ¥98.29.
The euro slipped to $1.2636 from $1.2652, and to ¥124.22 from ¥124.35.
The yen declined on news that Japan posted a current account deficit of ¥172.8bn in January - the largest since comparable records began in January 1985.
The data means "it's difficult for the yen to strengthen further," Koji Fukaya, senior currency analyst at Deutsche Securities, told Dow Jones Newswires.
The yen, once seen as a safe haven in the global financial crisis, has lost some of its allure in the eyes of investors because of the rapid deterioration of the Japanese economy.
"Fundamentally, we believe that sustained yen strength is over for now," Standard Chartered analysts wrote in a note.
Asian markets were digesting data released on Friday showing that the US economy lost 651 000 jobs in February.
But traders were reluctant to drive the US currency down far against its major rivals given deep worries about the health of the eurozone and Japanese economies, market-watchers said.
"The currency market has not reacted sharply to recent economic data," said Marito Ueda, a currency dealer at FX Prime. "It's moving based on expectations for recovery, eyeing the stock markets."
Against Asian currencies, the dollar fell to $1.5461 Singapore dollars from $.5489 on Friday, to 1 548.10 South Korean won from 1 550.35 and to $34.81 Taiwan dollars from $34.82.
The dollar also slipped to 36.09 Thai baht from 36.15 but rose to 12 055 Indonesian rupiah from 12 045, while holding steady at 48.67 Philippine pesos.
- AFP