US dollar falls more than 1% on the day against yen

[TOKYO] The US dollar fell more than 1 per cent against the yen on Tuesday, on investors' growing expectations that the Japanese government's stimulus steps will fall short of initial hopes.

The dollar was down 1 per cent at 104.71 yen after dropping as low as 104.625 yen earlier on the EBS trading platform, its lowest since July 14.

The Japanese government is also putting together a massive spending package worth about 20 trillion yen (S$257 billion), government sources told Reuters last week, though actual public spending will be far less than the headline number suggests.

REUTERS