Yen Mixed Against Other Majors, Wednesday, May 16, 2007 12:24:22 PM

The Japanese yen saw mixed results on Wednesday in U.S. trading. The Japanese currency dropped against the U.S. dollar and was choppy with the British pound. It touched another record low against the euro, but rallied in the late afternoon and was up for the day against the European currency.

The yen fell against the U.S. dollar and reached a 10-week low. Trading was level into the early morning before the yen began to fall at a little after 2 a.m. ET. It reached as low as 120.81 at noon ET.

The yen gained sharply against the euro in late-morning trading and was up for the day, after hitting another record low earlier. The yen fell starting a little before midnight ET and reached as low as 163.88 at 10:15 a.m. ET. But it advanced dropped shortly after and reached as high as 163.22 at 11:30 a.m. ET.

The yen was choppy with the pound, remaining near a two-month low on Wednesday. The yen slipped into the morning in New York until about 6:30 a.m. ET. It then advanced until 8 a.m. but then dropped again. It reached as low as 239.36 at 10 a.m. But shortly after that the yen rallied sharply back near its overnight levels.

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