Forexpros - The U.S. dollar fell to a six-week low against the yen on Monday, as sustained fears over the worsening of the debt crisis in the euro zone and global economic growth led investors to flock to safer assets. USD/JPY hit 80.46 during early European trade, the pair’s lowest since February 29; the pair subsequently consolidated at 80.57, shedding 0.43%. The pair was likely to find support at 80.00, the low of February 28 and resistance at 81.12, the high of April 12. The safe haven yen broadly strengthened after Spain's government bond yields rose and the cost of insuring its debt hit an all-time high on Friday, as record borrowing by its banks from the European Central Bank highlighted fears about the country's finances before it tests market appetite for its debt on Thursday. Also Friday, a senior ECB policymaker dampened expectations that the central bank would resume its bond purchasing program in order to ease market pressures on Spain. Risk appetite was also hit after official data showed that the Chinese economy grew at the slowest pace in almost three years in the first quarter, fuelling concerns over a slowdown in global growth. The yen was also sharply higher against the euro with EUR/JPY tumbling 0.91%, to hit 104.84. Later in the day, the U.S. was to release government data on retail sales and a report on manufacturing activity in New York, as well as official data on net long-term securities transactions and business inventories.

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