TOKYO — The dollar fell against the yen in Asian trade Friday as currency dealers fretted over the US economy, refusing to take a cue from rebounding stock markets.
Most dealers predicted that the dollar would stay under pressure next week unless an emergency Group of 20 summit in Washington takes aggressive action on the global financial crisis.
The dollar slipped to 97.05 yen in Tokyo morning trade from 97.67 in New York late Thursday. The euro softened to $1.2771 from $1.2779 and eased to 123.98 yen from 124.84.
Stock markets in Tokyo and elsewhere in the region soared in early trade following an overnight rally on Wall Street as bargain hunters tried to profit from what they believed were underpriced equities, dealers said.
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