The Straits Times
Published on Dec 25, 2012

Yen down against dollar, euro on Abe comments


NEW YORK (AFP) - The yen dipped against the dollar and the euro on Monday after Japan's incoming prime minister Shinzo Abe renewed calls on the central bank to take further steps to ease monetary policy.

At about 1900 GMT (3am, Singapore time) in quiet Christmas Eve trade, the dollar stood at 84.83 yen, compared to 84.25 yen late Friday. The common European currency reached 111.87 yen, up from 110.05 yen on Friday.

Mr Abe has also warned he would change the law to make sure it followed his instructions.

"The potential for continued and increasing government pressure on the Bank of Japan is unambiguously negative for the yen and should keep its longer-term weakening trend intact," wrote Mr Omer Esiner of Commonwealth Foreign Exchange in an analysis.