The dollar briefly fell to the 102 yen level Monday in Tokyo for the first time in more than four years after finance officials from the Group of 20 ended their meeting in Berlin without concrete initiatives to halt the dollar's recent plunge.
At 5 p.m., the dollar was quoted at 103 yen.17-20 against Friday's 5 p.m. quotes of 103 yen.07-17 in New York and 104 yen.17-19 in Tokyo.
It fluctuated between 102.95 yen and 103.42 yen, most frequently trading at 103.30 yen.
The euro was quoted at $1.3036-3039 and 134 yen.52-56, compared with $1.3019-3029 and 134 yen.25-35 at 5 p.m. Friday in New York.
Compared with the quote Friday in New York, the dollar slightly gained ground against the yen.
Traders attributed the top-heavy yen mainly to fears over possible yen-weakening intervention by Japanese monetary authorities.
The dollar's fall to the 102 yen level in Tokyo was its first foray into the range since April 3, 2000. The European currency also remained near record highs against the dollar.
Investors were not encouraged to buy the dollar because the G20 rich and emerging economies' three-day financial meeting, which ended Sunday, did not touch on any concrete measures aimed at preventing the dollar from sliding further, traders said.
Also weighing on the dollar was a warning from U.S. Federal Reserve Board Chairman Alan Greenspan that the U.S. current-account and budget deficits could decrease foreign demand for the dollar.