Source AP ©

Dollar rises vs yen after G-7 silence on weak yen

The dollar rose against the yen in Asian trading Monday as traders saw the Group of Seven financial heads' silence on the yen's weakness as a green light to sell the Japanese currency.

The dollar rose to 119.36 yen midafternoon from 119.12 yen late Friday in New York. The euro rose to US$1.3546 from US$1.3539.

The lack of complaints about the yen's recent broad decline from officials at the G7 meeting in Washington on Friday encouraged currency players to continue buying high-yielding currencies such as the euro. The euro rose to another all-time high versus the yen at 162.43 yen at one point.

"If the dollar weakens further against the euro, that will accelerate the euro's climb versus the yen," said Osao Iizuka, a senior trader at Sumitomo Trust and Banking Co.

To determine the dollar's direction, players will focus on economic indicators from the U.S. this week.

Players will watch the results of U.S. March retail sales data due out later Monday and housing starts and consumer price index Tuesday, players said.

Against other Asian currencies, the dollar was mixed. It fell 0.39 percent to 42.278 Indian rupees, while rose 0.19 percent to 931.0 Korean won.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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