Dollar resumes run toward ¥100 level
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The U.S. dollar rose against Japan’s currency Monday, flirting with the 100-yen level after financial officials from the world’s top economies refrained from criticizing Japan’s weakening of the yen through its monetary-policy program.
The dollar USDJPY -0.10% rose to ¥99.82, up from ¥99.52 late Friday in North American trade.
Monday’s decline in the yen drove Japan’s Nikkei Stock Average JP:NIK +1.89% higher, as a weaker yen provides a competitive boost to Japanese exporters.
The dollar on Friday climbed more than 1% against the yen after the Group of 20 major economies said Japan’s recent monetary-policy actions are aimed at ending long-running deflation and supporting domestic demand, rather than accusing it of competitive devaluation.
The “G-20 and the have made it very clear to the financial community that Japan has the green light regarding continued [quantitative easing] and resulting [yen] weakness,” wrote Chapdelaine Foreign Exchange managing director Douglas Borthwick to clients Friday.
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