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Tuesday, July 12, 2011

Dollar falls to 79.18 yen in London, lowest since March

LONDON, July 12 (AP) - (Kyodo)—The U.S. dollar fell to as low as 79.18 yen at one point Tuesday in London, the lowest level since March 18 when Group of Seven advanced economies jointly intervened in the currency market to stem the yen's surge following a massive earthquake in Japan.

Japanese Finance Minister Yoshihiko Noda told reporters in Tokyo the yen's surge was "wild," and he "intends to closely monitor markets."

The level of 79.18 yen fetched in the morning compares with 79.77-78 yen at 5 p.m. Tuesday in Tokyo and 80.30-40 yen hit at 4 p.m. Monday in London.

The dollar was sold as growing worries over the European sovereign debt crisis boosted the appeal of the Japanese currency against the euro, and yen-buying took upper hand also against the dollar, dealers said.

On March 18, the G-7 leading industrialized nations launched coordinated yen-selling intervention to arrest the yen's surge which took place amid speculation Japanese companies may repatriate their overseas assets into the yen to cover necessary reconstruction costs after the March 11 earthquake and tsunami.

Since then, the dollar has been trading mostly above the 80 yen line.


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