Yen loses ground against greenback in volatile Asian trade

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The yen weakened against the dollar in volatile Asian trade yesterday, supported by speculation Japan may be ready to intervene after the unit neared a postwar high on worries over the US debt crisis.

However, analysts said any action by Tokyo to weaken the yen would have only a short-term effect, with the safe haven currency buoyed by external factors such as concerns that the US faces a downgrade, and European debt woes. The dollar was at 77.44 yen in Tokyo afternoon trade, up from 77.16 yen in New York late Monday, at one point fetching 77.86. The euro firmed to $1.4255 from $1.4248, and to 110.42 yen from 109.98 yen. In early trade the greenback gained against the yen after the US House of Representatives on Monday approved a massive austerity plan to avert a debt default that would have wreaked havoc through the global economy. After eight months of often angry negotiations, the Republican-led House voted 269-161 on a package backed by President Barack Obama to raise the US debt limit and enact at least $2.1 trillion in spending cuts over a decade. The Democratic-led Senate was expected to approve the emergency measure in a noon (1600 GMT) vote Tuesday — scarcely 12 hours before a midnight deadline by which the world’s richest nation would run out of cash to pay its bills. However, many analysts say the deal does not put the US fiscal position on a sustainable path and may not prevent the country from losing its top-notch AAA credit rating. (AFP)

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