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DJ Dollar Advances Vs Yen As Tokyo Stocks Hit 6-Yr High
December 24, 2013

By Kosaku Narioka The dollar advanced against the yen Tuesday in Asia as a rise in Tokyo stocks to a new six-year high buoyed risk sentiment, prompting selling of the safe-haven Japanese currency. The U.S. currency was also pushed higher by Japanese importers who regularly need dollars to pay for products from overseas, such as fuel. Japanese stock markets continued their rising momentum, with the benchmark Nikkei Stock Average climbing to a new six-year high on more signs of U.S. economic recovery and a solid performance on Wall Street. Daisaku Ueno, senior forex strategist at Mitsubishi UFJ Morgan Stanley, said the dollar will generally be on an upward trend against the yen, because the Federal Reserve decided last week to start reducing its monetary stimulus in January, while Japan's easy monetary policy is expected to continue for the time being. Economists say differences paces of central bank balance-sheet expansion have been a major driver of currency movements. More aggressive monetary easing tends to lead to a weaker currency. The dollar was at Y104.36 as of 0505 GMT from Y104.11 late Monday in New York, according to EBS. "The trend is upward, and it may be a matter of time before the dollar tests Y105," said Kengo Suzuki, forex strategist at Mizuho Securities. Most major markets are closed for Christmas Eve. Trading is expected to be thin after Tokyo trading hours. The euro was at Y142.76 from Y142.56 and was at $1.3677 from $1.3696. The U.K. pound was at $1.6348 from $1.6356. The Wall Street Journal Dollar Index, which measures the dollar against a basket of currencies, was at 73.859 from 73.756. Interbank Foreign Exchange Rates At 23:50 EST / 0450 GMT Latest Previous %Chg Daily Daily %Chg Dollar Rates Close High Low 12/31 USD/JPY Japan 104.34-36 104.09-14 +0.23 104.40 104.10 +20.29 EUR/USD Euro 1.3677-80 1.3694-97 -0.12 1.3712 1.3678 +3.66 GBP/USD U.K. 1.6349-52 1.6353-57 -0.03 1.6362 1.6334 +0.64 USD/CHF Switzerland 0.8948-52 0.8936-41 +0.13 0.8950 0.8925 -2.21 USD/CAD Canada 1.0622-26 1.0607-10 +0.15 1.0633 1.0588 +7.02 AUD/USD Australia 0.8909-12 0.8934-38 -0.28 0.8941 0.8908 -14.27 NZD/USD New Zealand 0.8178-84 0.8198-207 -0.26 0.8204 0.8179 -1.17 Euro Rate EUR/JPY Japan 142.71-74 142.56-62 +0.10 142.87 142.58 +24.70 Source: ICAP PLC Alexander Martin contributed to this article. Write to Kosaku Narioka at kosaku.narioka@wsj.com