Dollar softer against Yen in Asia after recent rally
A man checks the US dollar exchange rate to the yen at a securities firm in Tokyo Monday, Feb. 4, 2013. Asian stock markets were mixed on Monday as late profit-taking offset a rally on Wall Street that was fueled by upbeat jobs data out of the United States. AP FILE PHOTO
TOKYO–The dollar turned softer in Asia on profit-taking Friday, hovering below the 100 yen level after enjoying a recent rally from the Bank of Japan’s huge stimulus measures.
The greenback stood at 99.46 yen, falling from 99.73 yen late in New York on Thursday, where it at one point touched 99.95 yen.
The euro bought $1.3116 and 130.43 yen, compared with $1.3096 and 130.68 yen in New York.
The dollar was hit by “profit-taking orders from speculators who bought (it) following the BoJ meeting” last Thursday, which saw the central bank announce a massive spending scheme, said Akira Moroga, manager of forex products group at Aozora Bank.
The BoJ’s new governor Haruhiko Kuroda said he will double Japan’s money supply over the next two years to end the deflation that has plagued the nation for decades.
The aggressive move caused stocks to soar while driving down the yen, which helps exporters.
Despite the Japanese unit’s uptick Friday, market-watchers expect the dollar to soon break the 100 yen mark.
“The pair can get there any time,” Moroga told Dow Jones Newswires.
The dollar was mixed against most other Asia-Pacific currencies.
It rose to 41.20 Philippine pesos from 40.97 pesos on Thursday, to Tw$29.94 from Tw$29.93 and to 9,710 Indonesian rupiah from 9,686 rupiah.
It also gained to 1,131.53 South Korean won from 1,129.93 won and to 29.04 Thai baht from 29.00 baht, but eased to Sg$1.2375 from Sg$1.2379 and to 54.47 Indian rupees from 54.52 rupees
The Australian dollar rose to $1.0555 from $1.0513 while the Chinese Yuan edged up to 16.06 yen from 16.00 yen.
