Dollar falls versus yen after earthquake in Japan

NEW YORK — The dollar is falling against the yen after another earthquake hit northern Japan.

The 7.4 magnitude earthquake triggered tsunami warnings along the northern coast of Japan, which was already devastated by an earthquake and tsunami last month.

During midday trading Thursday, the dollar fell to 84.78 Japanese yen from 85.47 yen late Wednesday.

Elsewhere, the euro slipped against the dollar after the European Central Bank raised its key interest rate to 1.25 percent from 1 percent. ECB President Jean-Claude Trichet said the rate hike was not the first of a series as investors were hoping. The rate hike Thursday was widely expected.

The euro fell to $1.4268 from $1.4336 late Wednesday.