Japan currency dropped at least 0.4 percent versus all of its 16 major counterparts after deputy economy minister Yashutoshi Nishimura said its decline isn’t over and a level of 100 per dollar wouldn’t be a problem. The euro rose as a regional report showed the contraction in manufacturing and services slowed this month. Asian currencies fell against the dollar after North Korea threatened to test nuclear weapons.
“The weakness in the yen has been reinforced as the market is selling Asian assets amid rising geopolitical risks in North Korea”.
Japan’s currency slid to 90.25 on Jan.-21, the weakest level since June 2010.The yen declined 0.9 percent to 119.11 per euro. The euro was little changed at $1.3326.
Nishimura said a yen at 100 to the dollar would be acceptable, suggesting that global criticism may fail to convince Prime Minister Shinzo Abe to temper his push to weaken the currency.
The yen has weakened 18% in the past six months, the worst performer of 10 developed-market currencies tracked by Bloomberg correlation-weighted indexes. The dollar dropped 4.8% and the euro advanced 6%.
North Korea threatened to conduct a nuclear weapons test “targeted” at the U.S. after the Obama administration pushed through new United Nations sanctions against the sate for its rocket launch last month.
“The weakness in the yen has been reinforced as the market is selling Asian assets amid rising geopolitical risks in North Korea”.
Japan’s currency slid to 90.25 on Jan.-21, the weakest level since June 2010.The yen declined 0.9 percent to 119.11 per euro. The euro was little changed at $1.3326.
Nishimura said a yen at 100 to the dollar would be acceptable, suggesting that global criticism may fail to convince Prime Minister Shinzo Abe to temper his push to weaken the currency.
The yen has weakened 18% in the past six months, the worst performer of 10 developed-market currencies tracked by Bloomberg correlation-weighted indexes. The dollar dropped 4.8% and the euro advanced 6%.
North Korea threatened to conduct a nuclear weapons test “targeted” at the U.S. after the Obama administration pushed through new United Nations sanctions against the sate for its rocket launch last month.
