The dollar fell for a second day against the euro in Currency Trading after China’s yuan rose to the strongest level since 1993, fueling speculation the Asian nation is allowing faster gains as Group of 20 leaders meet in Seoul.
The greenback weakened versus 14 of its 16 major counterparts after a South Korean official said G-20 negotiators are bidding to forge an agreement on currencies that goes beyond an accord reached by finance ministers and central bank governors last month.
Australia’s dollar fell against the yen as an increase in the jobless rate overshadowed a larger-than- forecast gain in employment.
The dollar declined to $1.3814 per euro as of 11:15 a.m. in Tokyo from $1.3783 in New York yesterday. The U.S. currency declined to 82.13 yen from 82.28 yen. The euro was at 113.46 yen from 113.41 yen. The Australian dollar dropped 0.1 percent to 82.61 yen.
Japanese stocks gained for a second day, led by banks after an upgrade by Deutsche Bank AG, while a stronger dollar boosted the outlook for export earnings.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest publicly traded bank, climbed 1.8 percent. Toyota Motor Corp., the world’s biggest carmaker, jumped 2.3 percent. Canon Inc., a camera maker that gets about 80 percent of its revenue from overseas, advanced 0.4 percent. Inpex Corp., the nation’s largest oil and gas explorer, rose 0.9 percent after oil prices advanced.