The dollar fell to the lowest since 1995 against the yen on speculation fund managers and central banks will cut holdings
of U.S. assets as reports add to evidence the economy is entering a recession. The currency also slid to a record low
against the euro as U.S. President George W. Bush said the dollar is ``adjusting'' and its decline isn't ``good tidings.'' The
yen's gains accelerated after Carlyle Group's mortgage-bond fund said it was unable to reach an agreement with lenders,
who will ``promptly'' take over all of its remaining assets. The Central Bank of Jordan is reducing the amount of dollars in
its foreign reserves because of the declining value of the U.S. currency and
the need to service debt. Deputy Governor in an interview in Amman, Jordan would not provide a break down of the
bank's reserves, totaling around $7 billion. A Qatar central bank official denied an Emirates Business 24/7 report that Gulfregion
policy makers will consider currency revaluation when they meet next week. China wants to invest more of its
reserves abroad, Minister of Commerce Chen Deming said yesterday. China's reserves are the world's largest at $1.5
trillion. The Dollar Index traded on ICE Futures in New York, which compares the currency to those of six trading
partners, declined to a record low of 71.99. Since hitting a 4 1/2-low on June 22, the yen has rallied 24 percent against the
dollar.
