Dollar Gains Vs Yen on Official's Comment

It's little-changed against the euro after yesterday's run-up.
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The dollar rose against the yen Wednesday after a Japanese official indicated he favored a weaker currency. It was little changed against the euro.

Against the yen, the dollar reprised its strength from yesterday, when it rose on strong manufacturing data. The U.S. National Association of Purchasing Management's manufacturing index rose to 47.9 in August, well ahead of the 44 reading expected by economists.

The dollar was trading for 120.12 yen, up from 119.56 yesterday. It was virtually unchanged against the euro at $0.8886, compared with $0.8858 yesterday. The gain also reflected statements by Japan's finance minister, who said he favors steps to weaken the Japanese currency.

The dollar also gained against the Canadian and Australian dollars but fell against the British pound.

Traders were digesting a U.S. productivity report and eyeing unemployment data scheduled for release on Friday.