Dollar hovers near 100 yen in Asian trade

TOKYO: The yen was lingering just below the 100-to-the-dollar level in Asian trade on Thursday, resisting falls that would push it into three figures for the first time in four years.

The dollar was quoted at 99.67 yen in Tokyo morning trade against 99.76 yen in New York Wednesday afternoon. The euro slipped to 130.00 yen against 130.26 yen while edging down to $1.3051 from $1.3068.

The market may need a bit more time to push the dollar up above the 100-yen mark as there are still some sell orders below that level, said a senior dealer at a major bank in Tokyo.

"London names have been selling dollars this morning... It'll be less likely to happen during Asian hours, though we may be able to test it again in London or New York trade today," he told Dow Jones Newswires.

Market players expect the dollar to hit the psychologically important 100.00-yen level soon following the Bank of Japan's sweeping monetary easing last week. The dollar last topped 100 yen in April 2009.