Yen Strengthens To 4-day High Against Dollar
The yen that showed choppy trading against the US dollar in Asian deals on Monday edged up to a 4-day high during early European trading. Meanwhile, the yen rose from an 18-day low against the euro and the franc and it also bounced back against the pound.
The stock market in Japan ended in positive territory today, lifted by short covering in almost all the stocks as concerns about interest rate hike in the US eased. Positive closing on Wall Street on Friday and gains in other markets in the region also lifted market sentiment.
The benchmark Nikkei 225 Index rose 276.89 points, or 2.7%, to 10,400, while the broader Topix index of all First Section issues rose 20.67 points, or 2.3%, to 910.
At 4:00 am ET Monday, the yen reached highs of 124.47 against the euro and 85.01 against the franc, compared to 18-day lows of 125.27 and 85.51, hit respectively in early Asian deals today. At present, the yen is worth 124.6 against the euro and 85.1 against the franc.
The yen climbed to 141.47 against the pound by about 4:00 am ET Monday, compared to an early Asian session low of 142.23. Currently, the pound-yen pair is worth 141.7.
The yen that showed choppy trading against the US dollar in Asian deals on Monday edged up during early European deals. As of now, the yen is trading at a 4-day high of 91.5 per dollar with 90.6 seen as the next target level.
Looking ahead, San Francisco Federal Reserve President Janet Yellen is scheduled to speak at the University of San Diego at 10:30 am ET.
Meanwhile, the Federal Reserve Chairman Ben Bernanke is scheduled to appear before the House Financial Services Committee hearing on “Prospects for Employment Growth: Is Additional Stimulus Needed?” at 11 am ET.
