The yen advanced from a one-month low against the dollar and gained versus the euro after Japanese reports showed bankruptcies declined and merchant confidence improved, spurring demand for the nation's assets.
The yen rose against 12 of the 16 most-traded currencies after Tokyo Shoko Research Ltd. said bankruptcies fell 6.7 percent from a year earlier. Australia’s dollar was the best performer of the major currencies on optimism U.S. reports on retail sales and consumer confidence this week will add to signs the global economy is improving, spurring demand for higher- yield currencies.
The pound fell a fourth day as U.K. Prime Minister Gordon Brown struggles to retain his party’s loyalty.
The yen gained to 98.53 per dollar as of 6:52 a.m. in London from 98.64 in New York on June 5 when it dropped to 98.89, the lowest level since May 8. The yen climbed to 137.64 per euro from 137.81. The dollar was at $1.3975 per euro from $1.3968. Australia’s dollar rose 0.5 percent to 79.73 U.S. cents. The pound dropped to $1.5924 from $1.5981.
