TOKYO: The yen gained ground against the dollar in Asia Friday as investors adjusted their positions ahead of Japan's upper house election.
The dollar bought 100.11 yen in afternoon trade, down from 100.50 yen late in New York, while the euro rose to $1.3146 yen from $1.3112 but fell to 131.32 from 131.77 yen.
Traders have been moving out of the yen in the past week after US Federal Reserve chief Ben Bernanke made assurances that the bank's stimulus would be kept in place for as long as needed. The unit has also faced selling pressure ahead of Sunday's poll that will elect half of the 242-member upper house of parliament.
Prime Minister Shinzo Abe's ruling party is expected to win comfortably, giving him further power to push through his big-spending policies to boost the economy that also weigh on the yen.
After selling the yen for most of the week, a dealer at the Bank of Tokyo-Mitsubishi UFJ said dealers are now readjusting their positions, providing a lift to the Japanese unit.
The dollar was mostly higher against other Asia-Pacific currencies.
It rose to 59.77 Indian rupees from 59.73 rupees Thursday, to Sg$1.2669 from Sg$1.2667 and to Tw$29.94 from Tw$29.93.
The greenback also firmed to 31.11 Thai baht from 31.08 baht but fell to 43.41 Philippine pesos from 43.47 pesos and to 1,120.79 South Korean won from 1,125.65 won.
The Australian dollar rose to 91.84 US cents from 91.66 cents while the Chinese yuan changed hands at 16.30 yen compared with 16.31 yen.
Comments
Comments are closed for this article.