TOKYO , Jan. 27 -- ( Kyodo ) _ The U.S. dollar mainly traded in the lower 102 yen zone Monday morning in Tokyo after briefly hitting a seven-week low beneath the 102 yen line earlier in the day on lingering concerns about emerging economies. At noon, the dollar fetched 102.37-39 yen compared with 102.34-44 yen in New York and 103.36-37 yen in Tokyo at 5 p.m. Friday . The euro was quoted at $1.3685-3687 and 140.10-17 yen against $1.3673-3683 and 139.90-140.00 yen in New York and $1.3686-3687 and 141.46-50 yen in Tokyo late Friday afternoon. Earlier in the morning, the dollar fell to 101.77 yen , its lowest level since early December, as worries over a slowdown in China's growth and the plummeting of the Argentine peso on Friday increased the appeal of the safe-haven yen, said Yuzo Sakai , manager of foreign exchange business promotion at Tokyo Forex & Ueda Harlow . The U.S. currency recovered its losses against the yen later in the morning, after data showed Japan posted a record trade deficit of 11.47 trillion yen in 2013. Dollar buying by domestic importers also helped it recover lost ground, Sakai said. The outlook for emerging economies remains gloomy ahead of the U.S. Federal Reserve's two-day policy meeting from Tuesday, dealers said. The U.S. central bank is widely expected to continue downsizing its monthly asset purchases, withdrawing capital from emerging markets.
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