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US Dollar Drops Compared to Yen, Euro


The U.S. dollar fell to its lowest level in more than four years compared to the Japanese yen on Friday. At one point, the dollar bought fewer than 103 yen.

The greenback also declined against the euro, with traders paying more than $1.30 for each euro. The price is close to a record low against the euro.

The dollar has been sliding amid concerns over the large U.S. budget and trade deficits.

Those concerns were sharpened Friday by comments from top U.S. economic officials.

U.S. Federal Reserve Chairman Alan Greenspan said foreign investors could tire of financing the record U.S. current account deficit. And Treasury Secretary John Snow said the upcoming meeting of the G-20 in Berlin is not the right forum to discuss currency matters.

The G-20 brings together the seven richest developed nations along with large emerging economies like China and Brazil.

Some information for this report provided by AP, Reuters, Bloomberg and AFP.

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