TOKYO -- The yen closed in on a four-year low against the dollar and a record trough versus the euro on Friday before a Group of Seven finance ministers' meeting that is unlikely to seriously tackle the yen's weakness, investors said.
The euro also drew support from comments from ECB President Jean-Claude Trichet, who signaled on Thursday that rates could rise in March and possibly later on in the year. The ECB left rates unchanged at 3.5 percent in the previous session.
Market focus is on the statement that will follow the two-day G7 gathering, which starts in Essen, Germany, later in the day.
Some investors were also selling the yen ahead of a market holiday in Japan on Monday.
"The market is betting that the yen won't be included in the communique, which is why we're seeing buying in currencies against the yen," said a forex trader at a European investment bank.
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