As Speculation for Fed Prolonged Easing Continues Yen Falls
On Friday the yen kept falling against other major currencies in Asia as speculation heightened over prolonged easing by the Federal Reserve lifted riskier assets such as stocks.
These speculation rose as Janet Yellen, the nominee to head the Federal Reserve, told members of Congress on Thursday that the U. S. economy still needs support from the Federal Reserve as it carries on the mending process. Asian stocks ascended broadly with the Nikkei Stock Average 1.9% higher.
The euro moved up to Y134.83 as of 0450 GMT from Y134.58 late Thursday in New York, according to EBS. The common currency reached a two-week high of Y134.93 earlier in the day. The Australian dollar moved to Y93.66 from Y93.17.
In the middle of the yen's broad weakness, the dollar was at Y100.22 after hitting fresh two-month high at Y100.31 earlier. The dollar was at Y100.03 late Thursday.
On Thursday, Japan said the economy grew to 1.9 percent in the third quarter as exports weakened and consumer spending reduced. That is quite a downhill from the 3.8 percent expansion seen in the previous three months.
Later in the day the Eurostat statistics agency said the eurozone grew just 0.1 percent in the third quarter -- compared with 0.3 percent in April-June -- with Germany off its stride and France hit by a surprise contraction.
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