Yen widens advance against major currencies in Asia

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TOKYO: The Japanese yen continued advance versus the other major currencies in the Asian session on Tuesday, as shareholders were fears about the continuing fall in crude oil cost, which increased the demand for the safe haven currency.
The benchmark Nikkei 225 index is currently down 323.01 points or 1.88 percent at 16,874.
Crude oil for February delivery is currently down $0.72 to $45.35 a barrel.
Crude oil plunged amid continued worries of oversupply. Additionally, Goldman Sachs and Societe Generale slashed their price outlook for crude oil.
Meanwhile, data from the Ministry of Finance showed that Japan posted a current account surplus of 433.0 billion yen in November. That beat expectations for a surplus of 139.5 billion yen, following the 833.4 billion yen surplus in October.
Also, the Bank of Japan showed that bank lending in Japan was up 2.7 percent on year in December, coming in at 422.604 trillion yen. The increase was in line with expectations but was smaller than the 2.8 percent gain in November.
Monday, the yen rose 0.18 percent against the euro, 0.06 percent against the pound, 0.20 percent against the Swiss franc and 0.13 percent against the U.S. dollar.
In the Asian trading today, the yen rose to near 2-1/2-month highs of 139.44 against the euro and 116.11 against the Swiss franc, from yesterday’s closing quotes of 140.02 and 116.59, respectively. If the yen extends its uptrend, it is likely to find resistance around 136.50 against the euro and 113.14 against the Swiss franc.
The yen, which closed yesterday’s deals at 179.52 against the pound and 98.80 against the Canadian dollar strengthened to near 2-1/2-month highs of 178.69 and 98.35, respectively. The yen may find resistance around 173.66 against the pound and 95.57 against the loonie.
Against the U.S. and New Zealand dollars, the yen advanced to near 4-week highs of 117.73 and 91.54 from yesterday’s closing quotes of 118.32 and 92.08, respectively. On the upside, 115.22 against the greenback and 89.78 against the kiwi are seen as the next resistance levels for the yen.