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Dollar drops on Trump's warning of overvalued currency

Hopes for president-elect's policies 'have waned,' says analyst

TOKYO -- The dollar fell against the yen Wednesday morning in Tokyo, following warnings from U.S. President-elect Donald Trump that the greenback is too strong against the Chinese yuan, hurting the competitiveness of American companies.

At 10 a.m., the dollar was trading at 112.65-68 yen, compared with 113.28-30 at the end of the previous trading day in Tokyo. Traders spooked by Trump's comments are selling the dollar for yen, pushing the Japanese currency to its highest level versus the dollar in six weeks.

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