TOKYO: The yen strengthened against the dollar as US stocks futures hinted increases after five days of losses, damping demand for safer property.
Japan’s currency fell versus all of its 16 major peers having rallied against all of them so far in 2015. The dollar climbed to a nine-year high versus the euro before the Federal Reserve releases minutes of its December meeting amid signs policy makers are moving toward raising interest rates. The euro fell for a fourth day before a report that economists said will show consumer prices in the region fell for the first time since 2009. Malaysia’s ringgit slumped for a fourth day.
“Equity declines have moderated in Tokyo trading,” said Kumiko Ishikawa, a currency analyst at Gaitame.com Research Institute Ltd. “While the drop in stocks and oil could be seen as a bit overdone, there’s still a strong sense of risk aversion in the market. The yen is weakening now, but I don’t expect it will suddenly drop back to 120 per dollar.”
The yen fell 0.6 percent to 119.04 per dollar at 6:51 a.m. in London after appreciating to 118.06 yesterday, the strongest level since Dec. 17. Japan’s currency slid 0.4 percent to 141.26 per euro. The dollar gained 0.2 percent to $1.1867 per euro after advancing to $1.1843, the most since February 2006.
Futures on the Standard & Poor’s 500 Index expiring in March gained 0.3 percent. Stocks have slumped around the world this year as oil tumbled to the lowest level since 2009 and Greece began an election campaign that may result in the nation leaving the euro.
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