The yen fell to a four-month low against the euro in Forex Trading, after speculation the Bank of Japan will take more credit-easing measures at a meeting starting today.
The yen retreated from near a two-week high versus the dollar as gains in Asian shares boosted demand for higher- yielding assets and on prospects Japanese importers sold the currency to take advantage of recent strength.
The euro slipped from a six-month high against the dollar as sovereign debt concerns reduced demand for European assets.
The won rose for a sixth day, its longest winning streak in eight weeks, after South Korea’s foreign-exchange reserves reached a record.
The yen declined to 115.12 per euro at 12:19 p.m. in Tokyo from 114.78 in New York on Oct. 1, after falling to 115.29 earlier today, the lowest since May 18. It dropped to 83.65 per dollar from 83.22 on Oct. 1, when it touched 83.16, the strongest since Sept. 15.
The euro slipped to $1.3762 from $1.3791 after rising to $1.3807, the most since March 17. New Zealand’s dollar declined 0.2 percent to 74.33 U.S. cents.
Japan’s currency weakened against all of its 16 major counterparts as the Bank of Japan begins a two-day policy meeting today.
Asian stocks rose in , driving the MSCI Asia Pacific Index to a fifth consecutive weekly advance, after U.S. reports on economic growth, unemployment and business activity beat estimates.