TOKYO (AP): The dollar was little changed in Asia Friday as continuing worries about global credit market fears were offset by moves among some investors to sell the yen and buy back the dollar.
The dollar was trading at 116.12 yen midafternoon, up from 115.92 yen late Thursday in New York. The euro rose to US$1.3566 from US$1.3557.
The dollar fell in early trading as negative comments from Angelo Mozilo, chief executive of Countrywide Financial Corp., a major U.S. mortgage company, and reports of Chinese banks' exposure to subprime mortgages heightened fears of a global credit crunch.
But the dollar soon reversed course as Japanese institutional investors and importers bought the dollar.
Nikko Citigroup currency strategist Masafumi Yamamoto said the dollar's rise is likely to be limited for a while as expected earnings reports from U.S. securities companies may highlight credit problems.
"Current volatilities are still a little too high and are likely to hinder any rebuilding of yen carry trade positions," he said.
The dollar was mostly higher against other regional currencies, climbing to 46.765 Philippine pesos from 46.620; 9,410 Indonesia rupiah from 9,353; and 942.4 South Korean won from 941.6. (**)
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