The yen rose for a third day against the euro and the dollar as Asian stocks extended a global slide in equities, increasing demand for the relative safety of Japan's currency.
The yen also gained versus all of its 16 major counterparts after China's Commerce Ministry said efforts to boost the economy cannot fully offset slumping export demand.
The dollar weakened against the yen on speculation the Federal Reserve will today affirm its commitment to keeping interest rates low, reducing the appeal of U.S. bonds.
The yen advanced to 134.82 per euro as of 7:48 a.m. in London from 135.82 in New York yesterday, after earlier rising to 134.79, the highest level since Aug. 3. Japan's currency climbed to 95.46 per dollar from 95.99. The dollar traded at $1.4125 per euro from $1.4149.
Gold advanced after U.S. stocks fell and the dollar depreciated on concern that bank earnings will not improve in the second half. Bullion snapped a five-day decline, the longest run of losses in five months, as the Dollar Index also fell on speculation the Federal Reserve will affirm its commitment to keeping interest rates low. Gold for immediate delivery rose as much as 0.3 percent to $948.45 an ounce before trading at $946.70 at 12:58 p.m. in Singapore. The metal is up 7.3 percent this year.
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