UNITED STATES – The dollar fell more than half a percent to its lowest level in five months, down from 108.05 yen on Tuesday as European shares fell in futures as Japanese stocks erased early gains to curb risk appetite sparked by Wall Street gains.

The dollar fell to 108.015 yen and the next support level will be at last year’s low of 107.32 yen. Japan’s Nikkei <.N225> was down 0.7 percent, shedding its previous 1.4 percent gain.