Friday, December 28, 2012

Yen Weakens to 28-Month Low

The yen weakened to the lowest since August 2010 amid speculation the Bank of Japan will inject more cash. Asian stocks and most commodities advanced as U.S. lawmakers arranged meetings before a budget deadline.

Japan’s currency dropped 0.4 percent to 86.40 per dollar as of 11:17 a.m. in Tokyo. The MSCI Asia Pacific Index (MXAP) gained 0.4 percent as the Nikkei 225 Stock Average climbed 0.8 percent, on track to close the year today with the biggest annual gain since 2005. Standard & Poor’s 500 Index futures were little changed. Oil added 0.5 percent in New York while London-traded copper rose 0.4 percent. 

The yen touched 86.64 earlier, the lowest level in more than 28 months. It lost 0.4 percent to 114.43 per euro. The currency has tumbled 15 percent this year, the biggest drop among the 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.  

Sources [bloomberg]

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