Yen retreats as Japan not singled out in draft G20 statement
Reuters -- Feb 16
The yen fell on Friday after three days of gains against the U.S. dollar and the euro as a draft statement from the Group of 20 nations did not single out Japan for undertaking policies that have weakened its currency.
That was a signal for investors to keep selling the yen, which has already fallen more than 7 percent this year versus the dollar following losses of 11.3 percent in 2012.
The yen had gained this week on expectations the G20 countries, which are meeting in Moscow, would echo a statement made by the Group of Seven this week and censure Japan for the yen's sliding trend.
"The final communique is not due until Saturday and could change. But for the time being, euro and yen traders have responded positively to what appears to be less constraint on Japan from G20 nations," said Kathy Lien, managing director at BK Asset Management in New York.
In late afternoon trading, the dollar rose 0.8 percent to 93.58 yen after hitting a one-week low of 92.21. It had set a 33-month high of 94.42 yen on Monday, and solid chart support was expected at 92.00.
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