Yen under pressure, falls to 6 week low vs euro

LONDON: The yen came under renewed pressure in the European session on Thursday, falling to a six-week low against the euro and trading near a two-week trough against the dollar.

Traders cited steady yen selling after advisors to Japan's $1.26 trillion public pension fund said the fund need not cling on to the safety of Japanese government bonds, which offer paltry returns, in yet another sign that it may shift more money into stocks and other risky assets.

The euro rose 0.65 percent to 141.375, its highest level since January 24.

The dollar was 0.4 percent higher at 102.74 yen, trading at its highest since Feb. 21.

Near term resistance is at its 55-day moving average of 103.22 yen. March 6, 2014.