LONDON: The dollar soared 0.5% against the yen in Asian trade Tuesday, as reducing risk aversion led to ascend in Asian stocks and encouraged shareholders to go out of the perceived safety of the Japanese currency.
The dollar USDJPY, +0.67% were at ¥118.39 compared with ¥117.57 late Monday in North America.
With the shock from the Swiss National Bank’s decision to uncap the Swiss franc against the euro subsiding, the greenback passed the ¥118 line, in keeping with the Nikkei Stock Average’s NIK, +2.07% 1.1% advance in mid morning. Shanghai stocks firmed slightly in early trading after tumbling Monday on steps by Chinese regulators to curb margin trading at some brokerages.
Later in the morning, the dollar stayed above the ¥118 threshold but remained top heavy after rising to a one-week high of ¥118.32 after the release of China’s economic data. Gross domestic product of the world’s second-biggest economy grew 7.4% last year, close to the government’s target of about 7.5%. The expansion in the final quarter was 7.3%, matching the third-quarter level and beating market expectations for 7.2%.
After the GDP, the Shanghai Composite Index SHCOMP, +1.82% rose 1.8%, while the Nikkei index was up 2%.
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