14/07/2003 13:53
The yen rose to one-month highs against the dollar and two-month peaks on the euro on Monday as traders bet Japan would benefit the most from a U.S.-led upturn in the global economy.
Better than expected recent Japanese data and solid gains on Tokyo stocks have raised optimism for an economic recovery of the world's second biggest economy. But wariness of yen-selling intervention by the Japanese authorities have been preventing it to rise significantly against the dollar.
"There are tell-tale signs that Japan is turning the corner," said Mark Henry, currency strategist at GNI. "The market is testing the resolve of the Bank of Japan."
By 1045 GMT the yen had hit 117.34 to the dollar , up half a percent on the day. Against the euro it had risen to 132.21 , up nearly eight yen since its record low set in late May.
The yen was also firmer on other crosses, hitting two-month highs against sterling .
Better than expected recent Japanese data and solid gains on Tokyo stocks have raised optimism for an economic recovery of the world's second biggest economy. But wariness of yen-selling intervention by the Japanese authorities have been preventing it to rise significantly against the dollar.
"There are tell-tale signs that Japan is turning the corner," said Mark Henry, currency strategist at GNI. "The market is testing the resolve of the Bank of Japan."
By 1045 GMT the yen had hit 117.34 to the dollar , up half a percent on the day. Against the euro it had risen to 132.21 , up nearly eight yen since its record low set in late May.
The yen was also firmer on other crosses, hitting two-month highs against sterling .
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