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Yen gains in Asia

Yen gains in Asia

The yen rose in Asian trade yesterday as Japanese exporters repatriated earnings, with many traders waiting on the sidelines ahead of a raft of economic data.
The U.S. dollar dropped to 89.73 yen in Tokyo afternoon trade from 90.10 in New York late Tuesday. The euro climbed to US$1.4628 from 1.4581 but fell to 131.25 yen from 131.40. The greenback could slip further against the yen if there are any negative surprises in a closely watched U.S. job market report due out on Friday, said Chuo Mitsui Trust Bank forex strategist Tomohiro Nishida.
The dollar had rebounded Tuesday after Japan's Finance Minister Hirohisa Fujii said the yen's recent rise was "a bit too rapid" and Tokyo did not rule out currency intervention "in an abnormal situation."
His remarks came after the yen hit an eight-month high of 88.25 per US$1 on Monday as traders bet the new government would refrain from taking action to curb the currency's rise.
Traders were eyeing another slew of upcoming U.S. and Japanese economic data for fresh clues on the health of the world's two biggest economies, including a survey of the U.S. private-sector labor market yesterday from payrolls firm ADP.
In regional Asian trade, the dollar fell to 1.4133 Singapore dollars from 1.4178 a day earlier, to 1,178.05 South Korean won from 1,186.00 and to NT$32.13 from 32.37.
It dropped to 47.39 Philippine pesos from 47.56, to 9,670 Indonesian rupiah from 9,715 and to 33.53 Thai baht from 33.59.


Updated : 2021-10-21 07:21 GMT+08:00