The dollar rebounded moderately after opening at...

The dollar rebounded moderately after opening at a record low against the Japanese yen Monday, while stocks declined sharply. The dollar ended the morning session at 121.30 yen, down 0.70 yen. The U.S. currency had opened at 120.45 yen, down 1.55 yen from Thursday’s close of 122.00 yen. The Bank of Japan stepped in at the outset of trading to buy a moderate amount of dollars to break the fall, and there appeared to be strong interest in buying dollars for profit-taking, traders said. On the Tokyo Stock Exchange, the Nikkei stock average lost 346.96 points to finish the morning session at 21,217.04. Tadaaki Uehara of Wako Securities said the dollar’s plunge had made investors anxious about the performance of export-oriented companies as the Japanese economy shifts to greater dependence on domestic demand.