South Korean importers reduced their use of the Japanese currency in settling deals in the first quarter as the yen continued to weaken, the central bank said Wednesday.

The use of the yen accounted for a fresh record low of 4.9 percent of the total import settlements in the first quarter, down from 5.2 percent in the fourth quarter, according to the Bank of Korea.

The weight of the yen declined as the currency’s sharp weakness reduced the dollar conversion value of settlements made with the yen, it said.

The yen appreciated around 2 percent against the greenback in the first quarter, but the Japanese currency has been weakening since late 2012.

The use of the dollar accounted for 85.1 percent of the total import settlements in the first quarter, up from 84.1 percent three months earlier.

The euro ranked second with 5.5 percent, followed by the yen and the Korean won at 3.5 percent, the central bank said. The dollar was also the most-favored currency for export settlement last quarter. (Yonhap)