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The yen weakened against all 16 most active currencies in Asian stocks trimmed losses, prompting speculation investors will buy higher-yielding assets of the yen and the dollar also fell after the International Monetary Fund said that global recovery next year will be stronger than it forecast in April that the financial system stabilizes, sapping demand for the relative safety of the two currencies.
The yen's rise has been very rapid, so a correction of this is being said Nobuaki Kubo, vice president of foreign exchange at Tokyo BBH Investment Services Inc. a New York unit based Brown Brothers Harriman Co There's also talk of importers and bargain hunters who sell the yen.
The yen dropped to 93 35 per dollar from 11 to 20 hours in Tokyo from 92 88 in New York yesterday, when it reached 91 81, the highest level since February 17 in Japan's currency slid to 129 80 EUR from 128 to 95, after touching 02 127 yesterday, the highest since May 18, the euro was 1 3903 1 3884.
The dollar index, which tracks the greenback against the currencies of six major trading partners U S, including the euro, yen and pound, dropped 0 2 percent to 80,593.
The stochastic oscillator 14 days of the US currency against the yen was at 19 9 yesterday, below the 20 level that signals he fell too quickly and is poised to increase in technical analysis, investors and analysts study charts of trading patterns and prices to expected changes in currency.
The MSCI Asia Pacific Index of regional shares trimmed losses and decreased 1 0 0 percent to 3 percent 500 futures in the Standard Poor won 0 4 percent.
The global economy will increase May 2 percent in 2010, compared to a projection of April 1st 9 percent growth, the IMF said yesterday in a revised forecast.
The stocks firmly in Asia means that the world economy is falling apart, even if it does not submit to the good pace than the market had expected, Akio said Yoshino, chief economist in Tokyo at Societe Generale Asset Management Japan Co given the assumption that the global economy will continue to grow, but at a slow pace, there is no reason to keep buying the yen as a safe haven.
To contact the reporter on this story Ron Harui in Singapore Yasuhiko Seki in Tokyo.
Jus last night at 11 pm ABT, the yen rose more than 80pips against the EUR, USD AUD.
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