The yen weakened for a second day against the euro after a Japanese report showed the decline in exports accelerated, boosting expectations the nation's investors will funnel their summer bonuses overseas.
The yen also declined against the dollar as the MSCI World Index snapped two days of declines, spurring demand for higher- yielding assets. The dollar dropped to its lowest level in more than a week against the euro on speculation the Federal Reserve will signal today it will keep interest rates at a record low for longer to revive economic growth.
The yen weakened to 134.61 per euro as of 8:32 a.m. in London from 134.04 in New York yesterday, when it appreciated to 131.43, it strongest level since May 22. Japan's currency dropped to 95.43 per dollar from 95.22. The dollar fell to $1.4109 per euro from $1.4077 yesterday, after earlier depreciating to $1.4138, the weakest since June 11.
Gold, little changed in early Asian trading, may rise as a weaker dollar revives demand for the precious metal as an alternative investment. Silver gained. Bullion for immediate delivery traded at $925.54 an ounce at 8:21 a.m. Singapore time. Gold for August delivery were also little changed at $925.70 on the New York Mercantile Exchange's Comex division.
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