Feb. 24 (Bloomberg) -- The yen dropped against the dollar, the euro and 14 other major currencies tracked by Bloomberg as crude oil rose to the highest in more than three months.
Demand for the Japanese currency waned on concern higher energy costs will further erode the world's second-biggest economy. Japan, which entered a recession for the fourth time since 1991 last quarter, imports virtually all of its oil.
``Higher oil hurts Japan, and we are seeing an impact on the yen,'' said Grant Wilson, a currency trader in Pittsburgh at Mellon Financial Corp., which manages $612 billion in assets.
The Japanese currency weakened to 105.38 per dollar at 12:25 p.m. in New York from 104.83 late yesterday, according to electronic currency-trading system EBS. It also declined to 139.14 per euro from 138.54. The dollar traded at $1.3206 per euro from $1.3216.
http://quote.bloomberg.com/apps/news?pid=10000103&sid=aBG1eDWDh5z0&refer=news_index
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