The Japanese currency climbed to a three-month high against
the US dollar as Asian stocks extended a global slump,
and investors unwound riskier investments funded by yen
yen rose to 115.63 against the dollar at 2:39 p.m. in
Tokyo after reaching 115.39, the strongest since December
8, from 116.75 in New York on March 2. It also advanced
to 152.32 against the euro after touching 151.76, the
highest since November 24.
Japanese yen has gained 4.3 per cent against the dollar
over the past five days.
yen also gained from a government report that showed companies
invested at a faster pace than expected, adding to the
Bank of Japan''s case for raising interest rates. The yen
gained nine per cent in five days against the South African
rand and 7.7 per cent versus the New Zealand dollar as
traders bought yen to pay loans.
yen rose 1.9 per cent against the pound, with the currency
climbing to a three-month high of 222.52. The yen rose
to 15.4580 to the rand from 15.7502, 78.88 against the
New Zealand dollar from 80.39 and 89.88 versus the Australian
dollar from 91.36.
to reporters in Tokyo, Japanese finance minister Koji
Omi said foreign exchange rates should reflect economic
fundamentals. He declined to comment on specific exchange
in Japan rose 16.8 per cent in the fourth-quarter from
a year earlier, data given by the Ministry of Finance
Preliminary reports based on revised data say the government
may revise its gross domestic product estimate on March
12 from a preliminary report that showed the economy grew
at an annual 4.8 per cent, the fastest in more than two
can borrow money in Japan at the lowest rate among major
economies. The key overnight rate of 0.5 per cent compares
with 9.0 per cent in South Africa and 7.25 per cent in