Monday, September 28, 2009

Yen is at new highs

The yen rose to the highest level in eight months versus the dollar on speculation Japan will not intervene to stem gains in the currency and exporters repatriated profits. Japan's currency pared gains past the 90 level against the dollar after Finance Minister Hirohisa Fujii said he was misinterpreted as supporting a stronger yen.
The dollar gained versus the euro before a German report forecast to show consumer prices dropped for the first time in four months, damping demand for higher-yielding assets funded in the greenback. Losses in the euro were tempered after German Chancellor Angela Merkel said she will press ahead with tax cuts and labor market deregulation after winning re-election with enough support to govern with the pro-business Free Democrats.
he yen climbed to 89.41 per dollar as of 2:41 p.m. in Tokyo from 89.64 in New York on Sept. 25. It earlier touched 88.24, the strongest level since Jan. 23. The currency rose to 130.52 per euro from 131.70, after earlier reaching 129.83, the highest since July 14. The dollar gained to $1.4598 per euro from $1.4689.

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