The U.S. dollar limped out of 2003, posting the biggest decline against a basket of the world's major currencies — about 15 percent — since 1987, as measured by the Federal Reserve's Trade Weighted Dollar Index. The euro posted a record annual gain of around 17 percent against the U.S. dollar, while the Australian dollar lapped the euro, up 34 percent for the year. The dollar's 10 percent decline against the Japanese yen was moderated by Tokyo's massive levels of intervention but was still the sharpest drop in five years. The U.S. currency's nearly universal depreciation has led to substantial hand-wringing in foreign capitals and corporate board rooms over the negative impacts the foreign exchange environment will have on exports, particularly sales to the United States.