CP:US dollar firms against the yen after Swiss take action to stem inflation
TOKYO--The U.S. dollar held relatively firm against the yen in Asia on Wednesday as the market continued to digest the surprise move by the Swiss central bank to set a target to limit the strength of its currency.
The greenback fetched 77.43 yen in Tokyo trade against 77.68 yen in New York late Tuesday, after the US unit strengthened in the wake of the Swiss bank's action.
The euro traded at US$1.4032, up slightly from US$1.3992. The European common currency was flat at 108.68 yen compared to 108.70 yen.
The market was range bound after the Swiss action prompted investors to seek an alternative safe haven Tuesday, boosting the dollar and the Norwegian krone.
The franc, which has surged by about 20 percent since 2009 as investors seek refuge from markets roiled by fears over the fragility of the European and U.S. economies, dropped nearly 10 percent after the exchange rate was capped.
