LONDON, May 23: The yen remained weak against major currencies on Wednesday as risk-hungry investors continued to use the Japanese currency as a vehicle for so-called carry trades, dealers said.

The dollar hit 121.88 yen at one point, its highest level since Feb 13, before easing back in late European trade to 121.56 yen, just up from 121.55 yen late on Tuesday in New York.

The euro traded for 163.83 yen, up from 163.47 on Tuesday.

Against the Australian dollar, the yen fell to a 15-year low of 100.35 yen/dollar before rebounding slightly in late trades.

In carry trades, investors borrow currencies where interest rates are low, such as Japan, and sell them to make investments in countries which offer higher returns.

Elsewhere, Europe's single currency rose to $1.3479 from $1.3447 in New York on Tuesday as traders tracked talks between US Treasury Secretary Henry Paulson and Chinese Vice Premier Wu Yi in Washington.—AFP