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May 26, 2017

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Dollar claws back some losses against yen in Asia

TOKYO -- The dollar on Wednesday bounced back above 102 yen, clawing back losses suffered in New York after the head of the Bank of Japan poured cold water on hopes it will add to its stimulus program in the near future.

In Tokyo afternoon trade, the greenback bought 102.04 yen, up from 101.75 yen late in New York but still well down from 102.90 yen in Tokyo earlier on Tuesday.

The euro was at 140.64 yen and US$1.3789, compared with 140.44 yen and US$1.3797 in New York.

Analysts said appetite for risk was picking up, supporting the dollar, as investors look to the U.S. and European central banks for hints about future policy moves.

The yen jumped Tuesday after Japanese central bank chief Haruhiko Kuroda told a news conference that the economy was getting back on track and a sales tax that kicked in on April 1 would not hurt a nascent recovery, despite warnings to the contrary.

Kuroda said he was "not considering taking additional easing measures at this point, because the economy is steadfastly moving towards reaching the stable 2.0 percent inflation goal and that I don't think there is a need for additional easing measures."

The euro faced downward pressure after International Monetary Fund chief economist Olivier Blanchard said European Central Bank action was needed "soon" to avert deflation in the eurozone.

The dollar was mostly lower against other Asia-Pacific currencies.

It fell to SG$1.2505 from SG$1.2583 on Tuesday, to 1,043.10 South Korean won from 1,052.93 won, to 32.23 Thai baht from 32.41 baht, to 11,289 Indonesian rupiah from 11,305 rupiah, and to 60.04 Indian rupees from 60.12 rupees.

It was unchanged at 44.87 Philippine pesos.

The Australian dollar rose to 93.69 U.S. cents from 92.89 cents and the Chinese yuan slipped to 16.43 yen from 16.58 yen.

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