Yen tumbles as Japan unveils big spending plan
AFPTOKYO--The yen fell in Asian trade on Friday as Tokyo unveiled a huge stimulus package and kept pressure on the central bank to take more easing steps to stimulate the limp economy.
January 12, 2013, 12:04 am TWN
The U.S. dollar bought 89.03 yen in Tokyo afternoon trade against 88.64 yen in New York late Thursday. Earlier Friday the greenback briefly surged to 89.34 yen, its highest level since June 2010.
The euro fetched 118.07 yen, passing 118.00 yen for the first time since May 2011. The common currency was at 117.53 yen in New York Thursday afternoon.
Against the U.S. dollar the euro bought US$1.3258, from US$1.3261 in New York where the European common currency was lifted after European Central Bank chief Mario Draghi made upbeat remarks about the eurozone's economic outlook.
The yen remained weak and Tokyo stocks closed up 1.40 percent as Prime Minister Shinzo Abe unveiled a US$226.5 billion stimulus package in a bid to kick-start the world's third-largest economy.
Against other Asia-Pacific currencies, the U.S. dollar was mostly lower.
It fell to 40.57 Philippine pesos from 40.72 pesos on Thursday, to 1,054.69 South Korean won from 1,060.40 won, and to 54.50 Indian rupees from 54.70 rupees.
It also dropped to SG$1.2231 from SG$1.2269, and to 30.28 Thai baht from 30.39 baht. It rose to 9,880 Indonesian rupiah from 9,809 rupiah.
The Australian dollar gained to US$1.0576 from US$1.0548 while China's yuan rose to 14.30 yen from 14.16 yen.