US dollar loses 0.5 percent to yen

The Japanese yen gained on some currencies on Tuesday as investors retreated from risky investments as they worried about continuing problems in the subprime mortgage sector, but it retreated in relation to others.

The US dollar dropped 0.5 percent to ¥118.56 against the yen in late afternoon trade in New York, while the euro dropped 0.6 percent to ¥162.22 versus the yen.

On the other hand, the yen dropped 0.2 percent to ¥102.20 against the Australian dollar while it declined by 0.5 percent in relation to sterling and the New Zealand dollar, to ¥242 and ¥91.80 respectively.

The euro was even against the greenback at $1.3687, while the pound added 0.3 percent against the euro to £0.6745 and was up 0.4 percent to $1.3687 versus the US currency.

Both the Norweigian krone and the Canadian dollar managed to gain on the US dollar, with the krone adding 0.4 percent to NKr5.8190 and the Canadian dollar gaining 0.3 percent to C$1.0640.

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