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Yen rises in Asia on safe-haven flows
TOKYO - The yen rose in Asia Friday, boosted by “safe-haven” flows as prospects for the global economy dimmed in light of recent economic data and moves by governments to curb lending, dealers said.
The dollar fell to 90.05 yen in Tokyo afternoon trade from 90.50 in New York late Thursday. The euro gained to 1.4135 dollars from 1.4082 but dropped to 127.31 yen from 127.44.
Risk appetite has receded since the end of last year because of lacklustre economic data in the United States, Europe and Japan, as well as recent signs China is moving to cool an overheating economy, dealers said.
Hopes for a sustainable global recovery declined as stocks fell in response to US President Barack Obama’s proposal unveiled on Thursday to limit the size and scope of US banks and finance firms.
“Optimism for a global economic recovery is receding, prompting investors to reduce their risky positions and favoring the yen as a safe haven,” said Mitsubishi UFJ Trust and Banking currency strategist Toshihiko Sakai.
Investors were waiting for more details surrounding Obama’s plan, which would in effect force financial institutions to choose between commercial banking and proprietary trading.
“There has been plenty of consternation at the Obama plans for US banks. The market impact has been to put the skids under risk trades,” said Societe Generale analyst Patrick Bennett.
The dollar was higher against most Asian currencies, however, rising to 1,150.85 South Korean won from 1,137.05 a day earlier, to 1.4052 Singapore dollars from 1.3988, and to 9,400.0 Indonesian rupiah from 9,315.0
The greenback climbed to 46.30 Philippine pesos from 46.06, to 33.03 Thai baht from 32.96 and to 31.97 Taiwan dollars from 31.91.
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