JAPAN:The yen declined seven-year low and two-year Japanese government bond yields plunged lower than zero after data showed Japan’s domestic expenses declined and inflation slowed.
The yen weakened as the two-year yield dropped to negative for the first time. The euro held its first decline in four days before a report today forecast to show the region’s inflation matched the slowest pace since 2009, adding pressure on the European Central Bank to increase stimulus. The Aussie fell, while the Norwegian krone and Canadian dollar extended losses after OPEC members left their output target unchanged.
“As dollar buying continues on the back of falling oil prices, the yen is getting sold on higher stocks with an extra boost from the CPI,” said Kengo Suzuki, chief currency strategist at Mizuho Securities Co. in Tokyo.
The yen tumbled 0.4 percent to 118.17 per dollar, as of 11:21 a.m. in Tokyo, approaching the seven-year low of 118.98 reached last week. The Japanese currency fell 0.3 percent to 147.27 per euro. The dollar traded at $1.2463 from $1.2467 yesterday against the common currency.
The yield on two-year Japanese sovereign debt dropped one basis point, or 0.01 percentage point, to minus 0.005 percent.
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