BR: Exporter Buying, Valuation Driving Yen To Four Week Highs
The yen has risen against the US dollar the most in the past four weeks on speculations of Japanese exporters buying their own currency in an attempt to repatriate overseas earnings. Technical charts indicating that the yen has suffered a sharp decline have also boosted the Japanese currency.
The yen rose 0.8% to 91.78 per US dollar as of 6:47am in London from 92.50 in New York yesterday, marking the biggest gain since December 8. The Japanese currency climbed to 132.68 per euro from 133.34 yesterday. Yesterday, the yen had fallen to 133.79, the lowest since December 7.
Meanwhile, the US dollar fell to $1.4456 per euro from $1.4413, after slipping to $1.4473, the weakest since December 17.
