Yen weak in Asia trade on Japan easing hopes
TOKYO: The yen fell against the dollar and euro in Asia trade Friday as the man tripped to become prime minister after next month;s general election said he would embark on aggressive monetary easing.
The dollar bought 81.13 yen in Tokyo trade, sharply up from the 80.20 yen level a day earlier, and almsot unchanged from 81.16 yen in New York late Thursday.
The euro bought 103.61 yen, against 102.17 yen in Asia Thursday and 103.69 yen in New York.
The single currency was also at $1.2774 against $103.69 yen in New York after it weathered widely expected news that the 17-nation eurozone tipped back into recession in the July-September third quarter.
''The Japanese yen is the stand-out,'' National Australia Bank said.
''It tends to outperform in periods of risk aversion but the news from likely incoming Japanese prime minister (Shinzo) Abe is enough to keep the currency under pressure, '' the bank said in a note.
Abe, head of the Liberal Democratic Party (LDP) and a former prime minister, on Thursday called for ''unlimited'' easing by the Bank of Japan, and vowed to strike a deal with it over further policy measures if he wins on December 16. By AFP
AFP
