By Yoshiaki Nohara and Ron Harui
Oct. 1 (Bloomberg) -- The yen weakened against the dollar and euro after economic reports from China and South Korea sparked demand for higher-yielding assets in emerging economies.
The yen weakened against 14 of its 16 major counterparts before a German report that may show retail sales grew for a second month and after Japan’s former top currency official said there are few reasons for the yen to rise. The greenback touched year lows against the won and Australian dollar as manufacturing grew for a fourth month in China and South Korea posted the smallest decline in exports since shipments began sliding in November 2008.
“Solid data are brightening the economic outlook, improving risk appetite,” said Tetsuya Inoue, chief researcher for financial markets and technology studies at Nomura Research Institute. “As emerging-market currencies benefit, the yen is being sold somewhat.”
The yen fell to 131.51 against the euro as of 1:30 p.m. in Tokyo from 131.33 in New York yesterday. It was at 89.91 to the dollar from 89.70. The dollar traded at $1.4626 per euro from $1.4640 in New York yesterday.
The U.S. currency was at 88.12 cents per Australian dollar from 88.28 cents. It earlier touched 88.59, the lowest since August 2008. The won was at 1,180.55 per dollar from 1,178.10. It earlier reached 1,166.50, the strongest level since September 2008.
The yen fell as a report today showed China’s Purchasing Managers’ Index gained to 54.3 in September from 54.0 in August. Economists in a Bloomberg News survey estimated the reading from the Federation of Logistics and Purchasing in Beijing would be 55.0. Markets in Hong Kong and China are closed for holidays.
“The China PMI increase means that the global economy is set for a steady expansion,” said Tomoko Fujii, senior currency strategist at Bank of America Securities-Merrill Lynch in Tokyo.
Korean Won
South Korea’s currency earlier advanced against the dollar after the government said overseas sales fell 6.6 percent from a year earlier in September, less than August’s 20.9 percent slide and the 10.5 percent decline forecast by economists in a Bloomberg survey. Confidence among local manufacturers is at a two-year high, according to a monthly survey published yesterday by the Bank of Korea.
German retail sales, adjusted for inflation and seasonal swings, rose 0.2 percent in August from July, when they climbed 0.7 percent, according to a Bloomberg News survey of economists. The Federal Statistics Office releases the data in Wiesbaden today. A German report yesterday showed the jobless rate declined to 8.2 percent in September from 8.3 percent in August.
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Oct. 1 (Bloomberg) -- The yen weakened against the dollar and euro after economic reports from China and South Korea sparked demand for higher-yielding assets in emerging economies.
The yen weakened against 14 of its 16 major counterparts before a German report that may show retail sales grew for a second month and after Japan’s former top currency official said there are few reasons for the yen to rise. The greenback touched year lows against the won and Australian dollar as manufacturing grew for a fourth month in China and South Korea posted the smallest decline in exports since shipments began sliding in November 2008.
“Solid data are brightening the economic outlook, improving risk appetite,” said Tetsuya Inoue, chief researcher for financial markets and technology studies at Nomura Research Institute. “As emerging-market currencies benefit, the yen is being sold somewhat.”
The yen fell to 131.51 against the euro as of 1:30 p.m. in Tokyo from 131.33 in New York yesterday. It was at 89.91 to the dollar from 89.70. The dollar traded at $1.4626 per euro from $1.4640 in New York yesterday.
The U.S. currency was at 88.12 cents per Australian dollar from 88.28 cents. It earlier touched 88.59, the lowest since August 2008. The won was at 1,180.55 per dollar from 1,178.10. It earlier reached 1,166.50, the strongest level since September 2008.
The yen fell as a report today showed China’s Purchasing Managers’ Index gained to 54.3 in September from 54.0 in August. Economists in a Bloomberg News survey estimated the reading from the Federation of Logistics and Purchasing in Beijing would be 55.0. Markets in Hong Kong and China are closed for holidays.
“The China PMI increase means that the global economy is set for a steady expansion,” said Tomoko Fujii, senior currency strategist at Bank of America Securities-Merrill Lynch in Tokyo.
Korean Won
South Korea’s currency earlier advanced against the dollar after the government said overseas sales fell 6.6 percent from a year earlier in September, less than August’s 20.9 percent slide and the 10.5 percent decline forecast by economists in a Bloomberg survey. Confidence among local manufacturers is at a two-year high, according to a monthly survey published yesterday by the Bank of Korea.
German retail sales, adjusted for inflation and seasonal swings, rose 0.2 percent in August from July, when they climbed 0.7 percent, according to a Bloomberg News survey of economists. The Federal Statistics Office releases the data in Wiesbaden today. A German report yesterday showed the jobless rate declined to 8.2 percent in September from 8.3 percent in August.
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