The yen headed for its first weekly gain against the dollar in Currency Trading Platforms in more than a month as tensions on the Korean peninsula and concerns that Europe’s debt crisis will spread boosted demand for Japan’s currency as a refuge.
The euro is poised for a fourth weekly loss versus the U.S. currency on prospects European Central Bank President Jean- Claude Trichet will signal today the bank won’t take further steps to stem the region’s sovereign-debt crisis. New Zealand’s dollar was set for a five-day advance before a U.S. report that may show payrolls expanded for a second month, supporting demand for higher-yielding assets.
The yen traded at 83.72 per dollar as of 12:08 p.m. in Tokyo from 83.82 in New York yesterday. It’s set for a 0.5 percent increase this week, the first since the five days ending Oct. 29.
Japan’s currency fetched 110.49 per euro from 110.73. Europe’s shared currency bought $1.3198 from $1.3209 and was poised for a 0.3 percent drop this week.
New Zealand’s kiwi dollar was at 75.48 U.S. cents from 75.5 cents, set end the week 0.7 percent stronger.
North Korea has increased its number of multiple rocket launchers, bolstering its capability to attack South Korea’s capital, Yonhap News reported today, citing a South Korean government official it didn’t identify.
South Korea’s military said it is preparing to carry out the first live-fire artillery drills along its disputed western sea border since the deadly shelling of Yeonpyeong island by its communist neighbor.
As more than 40,000 Japanese and U.S. troops begin joint exercises today, South Korea warned shipping companies to avoid 29 areas around its coast starting Dec. 6. North Korea attacked the fishing community and military outpost of Yeonpyeong on Nov. 23, killing four people in the first shelling of South Korea soil since the 1950-1953 civil war between the two sides.