SINGAPORE, Jan 14: The dollar was weaker against the yen in Singapore trading late Monday as it succumbed to profit-taking in light trading, dealers here said.

Volume was thin due to the public holiday in Japan, they said. Financial markets there will reopen on Tuesday.

The dollar traded at 131.85 yen, down from 132.15 in New York and 132.35-38 yen in Tokyo late Friday

It’s more of a dollar selling, said a senior BNP Paribas currency strategist.

The weakness (in the yen) in December was far too steep, he said.

Concerns from Japanese officials and neighbouring countries on the possible fallout of a falling yen also helped to stall the Japanese currency’s decline, DBS Bank said.

Comments from the region’s officials indicated a high level of discomfort for a yen exchange rate as weak as 140, the Singapore-based bank said in a report.

Apart from the region, the Japanese may also be concerned about increasing talk that excessive yen weakness may prick its JGB (Japanese government bonds) bubble, it said.

Alan Greenspan, chairman of the Federal Reserve, said last Friday the recession in the United States may be over but risks of weakness remained, thereby boosting hopes for another rate cut at the end of this month.

The euro changed hands at $0.8944, up from 0.8922 in New York and 0.8917-20 in Tokyo late Friday.

Against the yen, it traded at $117.92 compared with 118.01 in Tokyo late Friday.

In late Singapore trade, the dollar rose to 51.3575 Philippine pesos from 51.33 on Friday but retreated against the other Asian units.

It fell to 1.8377 Singapore dollars from 1.8435, 1,312.20 South Korean won from 1,315.65, 35.025.

Taiwan dollars from 35.0510, 43.925 Thai baht from 44.03, and 10,407.5 Indonesian rupiah from 10,429.—AFP