Dollar drops against yen in Asia

The US dollar dropped against the yen Thursday in Asia as Japanese exporters sold the greenback.

Photo: Dollar drops against yen in Asia

The dollar was trading at 116.48 yen midafternoon, down from 116.70 yen late Wednesday in New York. The euro fell to US$1.4092.

Many short-term investors adopted a wait-and-see attitude ahead of Friday's release of U.S. jobs data, which stirred concerns over a slowdown in the world's biggest economy last month.

Stronger results could help the dollar rise to 117.00 yen even if receding speculation of an October rate cut by the Federal Reserve holds down U.S. stock prices.

Meanwhile, the euro fell against the yen and the dollar as short-term investors sold the European currency after the Daily Telegraph reported on its Web site that the Bank of England is under pressure to cut rates later in the day.

The Daily Telegraph report also pushed down the pound and other high-yield currencies, but Tokyo dealers said the impact would be limited.

The story said retail and financial sector players were urging the bank to lower rates, but it didn't report any response from Bank of England officials or persons close to the central bank.

Against other regional currencies, the dollar was mostly higher, rising to 7.7622 Hong Kong dollars from 7.7601 the previous day, and to 3.4255 Malaysian ringgit from 3.4110.