The
yen weakened for a third day against the dollar on speculation Japan
may expand monetary and fiscal stimulus while a global recovery in risk
sentiment sapped haven demand for the currency.
Japan’s
currency dropped versus all of its major peers as global equities
rallied. The Shanghai Composite Index rose for a second day, after
China’s finance ministry pledged to accelerate construction of some
major projects and reduce companies’ tax burden.
The
yen weakened 0.6 percent to 120.50 per dollar at 5 p.m. New York time,
reversing some of the 2.2 percent rally in August. Japan’s currency
depreciated 0.6 percent to 135.04 per euro. The shared currency was
little changed at $1.1207.
Source: Bloomberg
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