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Dollar falls against yen in Asia as exporters take profits

Dollar falls against yen in Asia as exporters take profits

The dollar fell against the yen in Asia on Tuesday as Japanese exporters sold the greenback for yen to take profits from the U.S. currency's overnight rise.
The dollar was trading at 114.06 yen at midafternoon, down from 114.32 yen late Monday in New York. The euro fell to US$1.4394 from $1.4405.
Export-oriented Japanese firms converted dollars they earned overseas into yen, sending the dollar lower. But trading was subdued during the Christmas holidays, and many investors were also winding down market activities toward year-end and New Year holidays, traders said.
The dollar hit a month-and-half high of 114.49 yen on Monday, suggesting it has "bottomed out" and its bias is now upward, said Koji Fukaya, senior currency strategist at Deutsche Securities.
The dollar was mostly flat against other regional currencies amid market holidays. The dollar was unchanged at 939.7 South Korean won, while it rose 0.08 percent to 1.4536 Singapore dollar, and 0.05 percent to 32.512 Taiwan dollar.