The yen rose on Application Programming Interface

The yen rose on Application Programming Interface

The yen rose on Application Programming Interface, against all its major counterparts as Asian stocks dropped amid signs the global economic recovery is slowing, boosting demand for safer assets.

Japan’s currency headed for a fourth weekly gain versus the euro after reports showed South Korea’s industrial production slid and Japanese consumer prices fell.

Australia’s dollar fell as data on private-sector credit damped expectations the central bank will raise interest rates next week.

Malaysia’s ringgit headed for its first monthly decline since May on speculation policy makers there will act to prevent the currency from gaining too fast.

“Growth in some economies may be tapering off,” said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan’s largest currency broker. “Equities are also sliding. Risk aversion seems to be prevailing. The yen and the dollar may be bought.”

The yen advanced to 111.99 per euro as of 12:43 p.m. in Tokyo from 112.87 in New York yesterday, after climbing to 111.91, the strongest since Oct. 20. It has risen 1.4 percent versus the euro this week.

Japan’s currency climbed to 80.57 per dollar from 81.03, set for a 3.7 percent gain this month and a 15 percent advance this year.
The greenback rose 0.2 percent to $1.3900 per euro, poised for a second weekly gain.

The Australian dollar declined 0.2 percent to 97.67 U.S. cents, paring its second monthly advance.

The Nikkei 225 Stock Average slumped 1.9 percent and the MSCI Asia Pacific Index of regional shares slipped 0.7 percent.