Pessimism In Asia Grows As Dollar Drops

Tokyo, Japan (AHN) - The dollar lost ground to the yen Thursday in Asia, supporting what experts say is a prime indication of America's falling economy.

Pegged at 100 yen late Wednesday, the dollar fell to a low 98.98 yen Thursday midafternoon in Tokyo. The euro was recorded at $1.58.

Washington released Wednesday records showing a 1.7 percent drop in February on durable goods orders. Analysts had expected a 0.8 percent loss.

According to Dow Jones economists, jobless claims across the U.S. may hit 370,000, while GDP is anticipated to have increased by 0.6 percent.

"The market is hungry for dollar-selling factors," Shinkin Central Bank's senior dealer Hiroshi Yoshida told the AP.

The dollar showed mixed results against other regional currencies, reaching 9,212 Indonesian rupiah from 9,180 recorded previously, and from 986.7 Korean won, an advance from 990.8. The dollar however fell to 30.646 Taiwan dollar from 30.714.

A wave of dollar-selling is expected to continue if trading worsens.