The dollar fell into the 83 yen range in Tokyo on Tuesday, as investors bought the relatively safer yen due to rekindled concern over the prospects of the world economy.
The dollar at one point plunged to 83.73 yen -- a 15-year-low in Tokyo.
At 5 PM, the US currency changed hands at 83. 89-to-90 yen, down 0.26 yen from the same time on Monday.
The euro also slipped to 107.31-35 yen, 1.23 yen lower than Monday's rate. The single European currency traded at 1.2792-94 dollars.
Finance Minister Yoshihiko Noda has stressed that the government will not hesitate to intervene in the money
market if the yen advances too sharply.
Noda called the yen's advance an obviously one-sided move, and said it would affect corporate earnings, employment at small and mid-sized companies and could cause industrial hollowing. He said the ministry will
monitor the market's moves with grave concern and take firm steps when necessary.
He said the government is working hard in tandem with the central bank, whose policy board on Tuesday also
pledged to take necessary steps at the right time.
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