Asian Currency Trading - Yen Battered
The yen traded near the weakest level in almost four months against the dollar after a government report showed Japanese companies slashed spending at the fastest pace in a decade, damping demand for the currency. “Recently the sensitivity is high to bad data so the yen will be under pressure and the risk is for the downside,” said Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland Group Plc in Tokyo and a former Bank of Japan currency trader. “The yen bear trend will continue” and the currency may test 100 per dollar today, he said. The yen traded at 99.01 versus the greenback as of 8:54 a.m. in Tokyo, after touching 99.49 yesterday, the weakest level since Nov. 10. Read Full Article »
