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1st LD Writethru: U.S. dollar falls against Japanese yen to seven-week low

Xinhua, July 9, 2015 Adjust font size:

The U.S. dollar decreased against the Japanese yen to the lowest level in seven weeks Wednesday as investors were seeking safe-haven assets amid Greek debt crisis.

The uncertainty of Greek debt crisis continued to weigh on the market. Greece has a last chance to strike a debt deal with creditors by the weekend or head to bankruptcy and Grexit, analysts warned.

Euro zone partners said bluntly after the extraordinary summit in Brussels Tuesday that without action, the game would be over for Greece on July 12.

The Greek government gave assurances that a comprehensive and realistic debt deal proposal would submitted on time.

However, the clear ultimatum from Brussels has fueled concern that after five years of austerity and multi-billion euro bailout packages, Greece is heading towards a messy exit from the euro zone.

The greenback touched the lowest level against the yen since May 19 Wednesday. The dollar/yen rate dipped 1.5 percent at 120.64 in late trading.

Investors also digesting the fresh Federal Reserve minutes for its latest monetary policy meeting.

According to the minutes, the information reviewed for the June 16-17 meeting suggested that real gross domestic product (GDP) of the country was increasing moderately in the second quarter after edging down in the first quarter.

Labor market conditions improved somewhat further in recent months. Consumer price inflation continued to run below the Fed's longer-run objective of 2 percent and was restrained significantly by earlier declines in energy prices and decreases in prices of non-energy imports.

Analysts said the minutes showed the bar for domestic data is a little higher than it was before, suggesting a September interest- rate hike is unlikely.

In late New York trading, the euro rose to 1.1069 U.S. dollars from 1.0977 dollars in the previous session, and the British pound dipped to 1.5361 dollars from 1.5446 dollars in the previous session. The Australian dollar went down to 0.7426 U.S. dollar from 0.7442 dollar.

The U.S. dollar bought 120.64 Japanese yen, lower than 122.46 yen of the previous session. The U.S. dollar dropped to 0.9452 Swiss franc from 0.9467 Swiss franc and hiked to 1.2730 Canadian dollars from 1.2723 Canadian dollars. Enditem