BLBG: Yen Falls as U.S. Corporate Earnings Encourage Risk Demand
By Inyoung Hwang and Lukanyo Mnyanda
Jan. 21 (Bloomberg) -- The yen declined against all of its most-traded counterparts as better-than-estimated U.S. corporate earnings spurred demand for higher-yielding assets.
“U.S. corporate earnings, there’s nothing more important today,” said Michael Woolfolk, a senior currency strategist in New York at Bank of New York Mellon Corp., the world’s largest custodial bank, with $20 trillion in assets under management. “We’ll be judging the winners and losers according to the way the stock market reacts to that, and risk appetite adjusts to the way the stock market performs.”
The dollar increased 0.5 percent to 91.71 yen at 10:18 a.m. in New York, from 91.24 yesterday. The dollar was little changed at $1.4092 versus the euro, compared with $1.4106. The euro advanced 0.4 percent to 129.24 yen, from 128.68.
To contact the reporters on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net; Lukanyo Mnyanda in London at lmnyanda@bloomberg.net
