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Thread: Japanese Yen

  1. #31
    The yen rose against all its 16 major counterparts after Chinese growth unexpectedly slowed, fueling demand for haven assets.

    Japan’s currency headed for its biggest two-day advance in more than two years against the dollar after the U.S. Treasury said it would pressure the country to refrain from competitive devaluation. “The weak China data has spurred risk-off sentiment and yen buying,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency-margin company. “People with yen short positions probably won’t be adding to them now.”
    The yen added 0.5 percent to 97.88 per dollar as of 1:17 p.m. in Tokyo after earlier touching 97.55, the strongest since April 5. It gained 0.8 percent to 127.93 per euro. The single currency fell 0.3 percent to $1.3077.


  2. #32
    The yen fell to a four-year low of 99.95 on April 11. It traded at 97.07 versus the dollar as of 12:10 p.m in Tokyo.

    Japanese shipping lines, buffeted by a decline in freight rates, are set to get a more than $500 million boost to their earnings from a weaker yen.
    Nippon Yusen K.K. (9101), Mitsui O.S.K. Lines Ltd. (9104) and Kawasaki Kisen Kaisha Ltd. (9107), the nation’s three biggest carriers, may add a total of 51.6 billion yen ($531 million) to their pretax profit this fiscal year as a weaker yen raises the value of contracts, said Ryota Himeno, an analyst at Barclays Securities Japan Ltd. The forecast assumes a 95 yen average to the dollar.


  3. #33
    The yen fell for a second day against all 16 of its major peers as investors speculated Japan will escape censure at a Group of 20 meeting this week over monetary policies that have weakened its currency.

    The yen extended a reversal from its biggest two-day rally versus the dollar in almost three years as a gauge of U.S. stock market volatility fell the most this year, sapping demand for refuge assets. The British pound remained weaker against the euro ahead of minutes from this month’s Bank of England meeting. Singapore’s dollar rose against most major peers, reaching a more than two-month high against the greenback.
    “We’re coming back to a risk-on environment,” said Akira Moroga, the manager of foreign-exchange products at Aozora Bank Ltd. (8304) in Tokyo. “The weak yen probably won’t take center stage at the G-20 meeting this time, and once the market stabilizes, we’re likely to see continued yen depreciation.”


  4. #34
    The yen declined against major counterparts amid bets Japan will escape censure for weakening its currency at a Group of 20 meeting starting today.

    Pacific Investment Management Co., which runs the world’s biggest bond fund, said today holding fewer yen assets than a benchmark is a “key” strategy. The Philippine peso was near a six-month low before the nation’s central bank unveils rules on foreign-exchange transactions intended to spur capital outflows.
    “The yen still remains in a weakening trend,” said Kazuo Shirai, a trader at Union Bank NA in Los Angeles. “The G-20 won’t probably tell Japan to refrain from devaluing the currency, but is more likely to leave exchange rates to the market.”
    The yen lost 0.3 percent to 128.24 per euro as of 1:10 p.m. in Tokyo. It fell 0.1 percent to 98.25 per dollar.


  5. #35
    The yen dropped against the dollar after Japanese Finance Minister Taro Aso said policies carried out as the currency dropped to a four-year low went unopposed at the Group of 20 meeting in Washington.

    The yen weakened versus its 16 most-traded peers amid expectations the Bank of Japan will push ahead with monetary easing that has helped weaken the yen 19 percent against the dollar in six months. The greenback extended a decline against Europe’s shared currency after weaker than expected U.S. manufacturing data raised chances the Federal Reserve will keep stimulus in place longer. The Australian and New Zealand dollars rose as a stock rally boosted risk appetite.


  6. #36
    The yen weakened, nearing the 100 per dollar level not seen for four years, as the Bank of Japan (8301)’s monetary stimulus policies were unopposed by the Group of 20.

    Japan’s currency slid against most major peers after BOJ Governor Haruhiko Kuroda, who oversees his second policy meeting this week, said he was emboldened to press ahead with a campaign to defeat deflation. “There’s nothing really in our view to stop the yen from continuing to weaken here,” said Ray Attrill, the Sydney based global co-head of currency strategy at National Australia Bank Ltd. “We are having a little bit of tug-of-war, I think, up close to 100. I’ve no doubt we’ll go through it at some point.”
    Japan’s currency fell 0.3 percent to 99.81 per dollar as of 12:16 p.m. in Tokyo after touching 99.90, the weakest since it reached a four-year low of 99.95 on April 11. It has dropped 5.6 percent since March, when it completed a sixth-straight monthly drop in its longest losing stretch since 2001. The yen slid 0.5 percent to 130.52 per euro. The 17-nation currency advanced 0.2 percent to $1.3077.


  7. #37
    The yen rose versus all of its major peers after a private report signaled a slowdown in Chinese manufacturing, underscoring concern the largest Asian economy is faltering and boosting demand for refuge assets.

    The Australian and New Zealand currencies led losses versus the yen and dollar after the Purchasing Managers’ Index for China by HSBC Holdings Plc and Markit Economics missed economists’ forecasts. The euro slid before data projected to show services and manufacturing output in Europe shrank.
    “The market has been very much positioned for risk-on trade, so the yen has become the funding vehicle of choice for those trades,” said Jonathan Cavenagh, a currency strategist in Singapore at Westpac Banking Corp. (WBC) “If we’re entering into an environment where we’re a bit more uncertain about the growth outlook for China, therefore Asia more broadly, now is maybe not the time to be piling into those types of trade.”


  8. #38
    The yen has weakened against all of the world’s 16 major currencies in 2013 and is leading losses in Asia, according to data compiled by Bloomberg. The exchange rate has declined 18 percent versus the baht this year, which if sustained would be the biggest annual drop since at least 1992.

    “The yen’s weakness accelerated, especially against Asian currencies, and that encourages inflows of tourists,” Takahiro Sekido, a strategist in Tokyo at Bank of Tokyo-Mitsubishi UFJ Ltd., who formerly worked at the Bank of Japan, said in an April 22 telephone interview. “Things in other Asian countries are also getting more expensive, so when you shop in Japan and convert prices back to your own currency, people may feel things are much cheaper here.”


  9. #39
    The yen dropped against the majority of its 16 most-traded counterparts on bets the Japanese currency will weaken further amid signs the nation’s investors are seeking foreign assets.

    Japan’s currency erased losses against the dollar after U.S. durable-goods orders fell more than forecast. Meiji Yasuda Life Insurance Co. joined Nippon Life Insurance Co. in saying it may boost overseas investment as it seeks higher returns. The yen has lost 6.5 percent since April 3, the day before the Bank of Japan (8301) announced new stimulus.
    “The historic policy easing we’ve seen from the Bank of Japan triggered an expected flight out of the yen and into higher-yielding assets,” Omer Esiner, chief market analyst in Washington at the currency brokerage Commonwealth Foreign Exchange Inc., said in a telephone interview. “The next shoe to drop will be if real-money accounts start searching for higher yields and join the flight out of the yen.”


  10. #40
    The yen climbed against all its major peers after the Bank of Japan maintained a pledge to double the monetary base without outlining any additional measures to meet its inflation target.

    Today’s decision from BOJ Governor Haruhiko Kuroda and his fellow board members follows the April 4 meeting when they announced unprecedented stimulus. The euro was poised for its first weekly decline this month against the yen on speculation the European Central Bank will cut its record-low benchmark interest rate next week. There was “some anecdotal evidence that a minority of investors were already expecting more easing measures,” said Sue Trinh, a senior currency strategist at Royal Bank of Canada in Hong Kong. “Hence dollar-yen has come under pressure.”
    The yen rose 0.9 percent to 98.37 per dollar as of 7:02 a.m. in London, gaining 1.1 percent this week. It climbed 0.7 percent to 128.20 per euro and has advanced 1.4 percent since April 19.


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