Source Pravda.Ru

Dollar higher against yen in Asia as Japanese stocks rebound

The dollar rose against the yen in Asia on Monday, rising in tandem with a recovery in Japanese stock prices.

The U.S. dollar was trading at 117.28 yen at 2:50 p.m. (0550 GMT) Monday, up from 116.74 yen late Friday in New York. The euro fell to US$1.3302 from US$1.3310.

The greenback's rebound against the yen helped Japan's benchmark Nikkei 225 stock index to finish Monday above 17,000 for the first time in four sessions.

The recovery in stock prices in turn lifted the dollar further, which climbed as high as 117.45 yen early in the Asian session on buying spurred by Japanese fund players betting on an improvement in global stock prices.

Traders expect the greenback to fluctuate widely over the week amid key economic events, beginning with monetary policy meetings both in the U.S. and Japan. Players will also be closely watching U.S. housing-related indicators due out this week, reports AP.

The dollar was mixed against other Asian currencies, rising to 44.090 Indian rupees from 43.965 and to 48.805 Philippine pesos from 48.585. It fell to 3.5040 Malaysian ringgit from 3.5085.

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