Peso falls anew on reports of Japan nuke repair problems

MANILA, Philippines — The peso fell on Wednesday against the US dollar as fears over the nuclear crisis in Japan were once more sparked following a report from the Japanese government that efforts to repair reactors were being hampered by radiation levels from the Fukushima nuclear power plant.

The local currency closed at 43.47 against the greenback on the third trading day of the week, down by 13 centavos from the previous day's finish of 43.34:$1.

Intraday high reached 43.41:$1, while intraday low settled at 43.51:$1. Volume of trade dropped to $734.8 million from $907.78 million previously.

Traders said the news report about the nuclear situation quoting Japanese authorities made some investors worried about the potential adverse impact not only on the Japanese economy but on neighboring economies as well.

The Japanese government said efforts to avoid further damage from the disaster were being heightened, but admitted the radiation levels were posing challenge to efforts.

Reports said the Japanese government has estimated the damage and losses of the recent earthquake and tsunami in Japan to hit $25 trillion yen, or $309 billion.

Negative developments in Japan, a major export market, could cause unfavorable economic impact on exporting countries like the Philippines, traders said. (report from Michelle Remo, Philippine Daily Inquirer)