The dollar edged down against the yen in Asia Friday as Japanese exporters sold the greenback and some investors chased the Japanese unit to buy government bonds, according to AP. The dollar stood at 104.24 yen midafternoon in Tokyo, slightly down from 104.28 yen in New York late Thursday. While the dollar recently rose against the yen on easing fears over the U.S. credit crisis and a recovery on Wall Street, traders warned gains in the greenback would be limited with investors likely to dump the greenback once it hits the key 105 yen level. «Recent improvements in dollar sentiment are likely to gradually help up the U.S. currency, but with many selling orders lining up below the psychologically key level of 105 yen, the rise is likely to be slow,» said Akio Shimizu, head of foreign exchange trading at Mitsubishi UFJ Trust and Banking. The euro fell to 1.5674 to the dollar on profit-taking midafternoon in Tokyo Friday from 1.5686 in New York late Thursday. In other Asian currencies, the dollar rose to 31.63 to the Thai baht from 31.59, while the greenback was quoted at 1.3594 from 1.3582.
