he yen fell against the dollar, paring a weekly advance, as gains in Asian stocks prompted investors to purchase higher-yielding assets funded in Japan.
The currency snapped a two-day advance that had taken it to the strongest in 12 years, and fell against the South African rand, a favorite of the so-called carry trade. The dollar rebounded from a record low against the euro as Standard & Poor's said the end of subprime writedowns is in sight.
The yen declined to 100.81 per dollar as of 10:20 a.m. in Tokyo from 100.65 late in New York yesterday, when it rose to 99.77 yen, the highest level since October 1995. The dollar rose to $1.5594 against the euro, after it touched $1.5645 yesterday, the weakest since the European currency's debut in 1999.
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