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USD/JPY Back To 99.50 On PM Abe’s Growth Plan

ByStuart McPhee
Published 06/05/2013, 03:55 AM
Updated 07/09/2023, 06:31 AM

The yen gained against most of its major counterparts after Japanese Prime Minister Shinzo Abe’s growth strategy failed to boost domestic stocks.

Japan’s currency rallied against the dollar and euro after the Topix index of shares extended losses to more than 2 percent. The dollar erased earlier gains driven by speculation the Federal Reserve will scale back stimulus measures. A volatility measure of Group-of-Seven currencies was near the highest in more than three months. South Korea’s won gained on speculation the nation’s exporters converted overseas earnings, while the Malaysian ringgit advanced for a second day.

“The yen is swayed by the movement in equity prices,” said Akira Moroga, manager of foreign-exchange products at Aozora Bank Ltd. (8304) in Tokyo. “Stocks which rose in anticipation of Abe’s growth strategy were sold off after the announcement lacked any concise measures.”

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