Yen tumbles further in Asian trade as Japan defends policy


AFP

TOKYO–The yen weakened against major currencies in Asian trade Friday, as Japan’s finance minister rejected claims that its loosening of monetary policy could spark a global currency war. The yen dropped to 90.51 yen against the U.S. dollar in Tokyo against 90.40 yen in New York, while the euro fetched 120.96 yen compared with 120.91. The euro bought US$1.3362 compared with US$1.3376 in New York. The U.S. dollar was mostly stronger against other Asia-Pacific currencies, rising to 9,778 Indonesian rupiah from 9,755 rupiah on Thursday, to 1,074.05 South Korean won from 1,067.04 won, and to 29.89 Thai baht from 29.83 baht.

The greenback also gained to SG$1.2306 from SG$1.2274, and 40.70 Philippine pesos from 40.62, while easing to 53.69 Indian rupees from 53.85 rupees. The Australian dollar weakened to US$1.0449 from US$1.0522, while China’s yuan fetched 14.54 yen from 14.31 yen.