TOKYO, Nov 28: The yen was slightly firmer against the dollar in Tokyo on Wednesday despite Standard and Poor’s decision to cut Japan’s long-term sovereign debt ratings, dealers said.

The Japanese currency was quoted at 123.57-59 to the dollar at 5:00 pm (0800 GMT), against 124.00 in New York and 124.32-34 in Tokyo late Tuesday.

The yen stabilized after touching a low of 124.01 to the dollar immediately after the US credit agency said it had downgraded Japan’s local and foreign currency sovereign credit ratings to AA from AA-plus.

The dollar was also under pressure due to fragile US consumer confidence and a fall on Wall Street, they said.

The index fell 3.1 points to 82.2, the lowest figure since February 1994, a survey by the Conference Board showed Tuesday.

But dealers argued the fall in the greenback was limited due to hopes for a much-awaited US economic recovery.

“Also the dollar benefited from financial uncertainty in Japan, which is pressuring the Japanese currency,” Murata said.

The dollar-euro trade was quiet in Tokyo due to a lack of fresh leads.

The euro bought 0.8848-50 dollars around 5:00 pm, against 0.8825 dollars in New York and 0.8819-21 dollars in Tokyo late Tuesday.

The euro was stuck in a tight range against the dollar but looked to be holding firm, dealers in Singapore said.

“It looks well supported at the moment but trading is thin,” said a dealer at a European bank.

Against the yen, the euro was quoted at 109.32, compared to 109.43 yen in New York and 109.65 in Tokyo Tuesday.

In late Singapore trade, the dollar rose to 10,490 Indonesian rupiah from 10,390 on Tuesday, 1,272.40 South Korean won from 1,265.65, and 44.07 Thai baht from 44.065.

It slipped to 52.025 Philippine pesos from 52.03, 1.8331 Singapore dollars from 1.8354, and 34.4365 Taiwan dollars from 34.461.—AFP